Question

To save for a new car,Trafton invested $7000 in a saving account that earn 4.5% invest , compounded continuously. After years, he wants to buy a used car for $9000. How much money he need to pay additional to what his savings account? (Round to nearest cent)

Name: To save for a new car,Trafton invested 7000 in a saving account that earn 4.5% invest , compounded continuously. After years, he wants to buy a used car for $9000. How much money he need to pay additional to what his savings account? (Round to nearest cent)
Uploaded: 2022-06-20T17:27:58-08:00
Duration: 1 min 37 s
Channel: Donna Densmore
Description: To save for a new car,Trafton invested 7000 in a saving account that earn 4.5% invest , compounded continuously. After years, he wants to buy a used car for $9000. How much money he need to pay additional to what his savings account? (Round to nearest cent)

          To save for a new car,Trafton invested $7000 in a saving account that earn 4.5% invest , compounded continuously. After years, he wants to buy a used car for $9000. How much money he need to pay additional to what his savings account? (Round to nearest cent)

To save for a new car,Trafton invested 7000 in a saving account that earn 4.5% invest , compounded continuously. After years, he wants to buy a used car for $9000. How much money he need to pay additional to what his savings account? (Round to nearest cent)

Added by Lisa L.

Precalculus with Limits

Ron Larson 2nd Edition

Instant Answer

Solved by Expert Donna Densmore

06/20/2022

Step 1

- Principal amount ($ P $) = $7000 - Interest rate ($ r $) = 4.5% = 0.045 - Future value needed = $9000 Show more…

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To save for a new car, Trafton invested $7000 in a savings account that earns 4.5% interest compounded continuously. After several years, he wants to buy a used car for $9000. How much additional money does he need to pay, in addition to his savings account? (Round to the nearest cent)