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Math Help - [SOLVED] Find the principal

  1. #1
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    [SOLVED] Find the principal

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

    Thank you.
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  2. #2
    MHF Contributor
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    So continuous compounded interest is the Pe^(rt) formula. So 700=P_0 e^{.07*3}.

    Solve for P.
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  3. #3
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    How do I solve that?

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

    31.20 but thats not right???
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  4. #4
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    <br />
700 = P_0 e^{.07 * 3}  \Leftrightarrow P_0  = \frac{{700}}{{e^{.07 * 3} }}<br />
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  5. #5
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    S=Pe^it
    700 = Pe^7%x3
    700 = 1.23367806 P
    P = $567.41

    is it the answer correct ??
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  6. #6
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    Quote Originally Posted by Hareza View Post
    S=Pe^it
    700 = Pe^7%x3
    700 = 1.23367806 P
    P = $567.41
    Minimize misinterpretation with 700 = Pe^(7%x3)
    Quote Originally Posted by Hareza View Post
    is it the answer correct ??
    A clearer question is: Is it the correct answer?
    Answer: It is.
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