Needed now to get $700 in 3 years at 7% compounded continuously. Thank you.
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So continuous compounded interest is the Pe^(rt) formula. So $\displaystyle 700=P_0 e^{.07*3}$. Solve for P.
How do I solve that? I used ln 700/ ln e(.07*3) 31.20 but thats not right???
$\displaystyle 700 = P_0 e^{.07 * 3} \Leftrightarrow P_0 = \frac{{700}}{{e^{.07 * 3} }} $
S=Pe^it 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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