Needed now to get $700 in 3 years at 7% compounded continuously.
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So continuous compounded interest is the Pe^(rt) formula. So .
Solve for P.
How do I solve that?
I used ln 700/ ln e(.07*3)
31.20 but thats not right???
700 = Pe^7%x3
700 = 1.23367806 P
P = $567.41
is it the answer correct ??
Originally Posted by Hareza S=Pe^it
700 = Pe^7%x3 700 = 1.23367806 P
P = $567.41 Minimize misinterpretation with 700 = Pe^(7%x3) Originally Posted by Hareza is it the answer correct ?? A clearer question is: Is it the correct answer?
Answer: It is.
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