Find how much money needs to be deposited now into an account to obtain $8,300 (Future Value) in 14 years if the interest rate is 4% per year compounded continuously
Added by Melissa N.
Step 1
04 (as a decimal) - Continuous compounding formula: A = P * e^(rt), where A is the future value, P is the present value, e is the base of the natural logarithm (approximately 2.71828), r is the interest rate, and t is the time period. Show more…
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