Needed now to get $700 in 3 years at 7% compounded continuously.

Thank you.

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- Nov 3rd 2008, 04:49 PMbeachbunny619[SOLVED] Find the principal
Needed now to get $700 in 3 years at 7% compounded continuously.

Thank you. - Nov 3rd 2008, 08:29 PMJameson
So continuous compounded interest is the Pe^(rt) formula. So .

Solve for P. - Nov 4th 2008, 02:04 PMbeachbunny619
How do I solve that?

I used ln 700/ ln e(.07*3)

31.20 but thats not right??? - Nov 5th 2008, 07:19 AMjonah
- Dec 3rd 2008, 04:33 AMHareza
S=Pe^it

700 = Pe^7%x3

700 = 1.23367806 P

P = $567.41

is it the answer correct ?? - Dec 3rd 2008, 09:03 AMjonah