How much money invested at 5% compounded continuously for 3 years will yield $820?
Answers
a. $952.70
b. $818.84
c. $780.01
d. $705.78

i got A... is that right?

Question

How much money invested at 5% compounded continuously for 3 years will yield $820?
Answers
	 a.	$952.70
	 b.	$818.84
	 c.	$780.01
	 d.	$705.78

i got A... is that right?

anonymous · Answer

@hartnn am I right on this one?

hartnn · Answer

no...what formula did you use ?

hartnn · Answer

use,
$ \large A = P (1+r/100)^n $
A = 820
n=3
r=5

hartnn · Answer

find P

anonymous · Answer

i used |dw:1370451251010:dw|

hartnn · Answer

no no, compound interest formula is 
$\large A = P (1+r/100)^n$

anonymous · Answer

oh okay so then i got like 3,3903.0 and thats not right

hartnn · Answer

?? how ? 
i am getting an answer which is in the choices...calculate again ?

hartnn · Answer

A = 820
n=3
r=5
find P

hartnn · Answer

1+r/100 = 1+5/100 = 1.05