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Meena is going to invest in an account paying an interest rate of 3% compounded continuously. How much would Meena need to invest, to the nearest hundred dollars, for the value of the account to reach 470 in 13 years?

Solution

Solution

Principal : 318.22

Solution steps

Translate the problem into an equation:

470 = P e^{0.03 \cdot 13}

Solve for

P, 470 = P e^{0.03 \cdot 13} : P = 318.22

Principal : 318.22

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