MEDAL AND FAN! PLEASE someone HELP! Haven't found any help for about an hour and have NO idea what to do!!!
An initial amount of money is placed in an account at an interest rate of 5% per year, compounded continuously. After five years, there is
$2529.53 in the account. Find the initial amount placed in the account. Round your answer to the nearest cent.

Question

MEDAL AND FAN! PLEASE someone HELP! Haven't found any help for about an hour and have NO idea what to do!!! 
An initial amount of money is placed in an account at an interest rate of 5% per year, compounded continuously. After five years, there is 
$2529.53 in the account. Find the initial amount placed in the account. Round your answer to the nearest cent.

kropot72 · Answer

Let P be the initial amount placed in the account, A be the amount after t years and r be the interest rate per year as a decimal. This is represented by the following equation:
$$\large A=Pe^{rt}\ ...........(1)$$
Note: e is the base of natural logarithms.
Now you need to plug the given values of A, r and t into equation (1) and solve to find the value of P.

anonymous · Answer

Ahhhhh okay thank you so much. So after plugging that in I got P=1969.99994

Which after checking my work, seems correct. Now this might be a dumb question but my brain is pretty much mush after a long day, would rounding up to the nearest cent on 1969.99994 just =1969.99 or 1970? I know in theory it rounds up to $1970 but does asking to round up to the nearest cent imply it wants the .99 in the answer?

anonymous · Answer

@kropot72

kropot72 · Answer

$1969.99994 converted to cents is 196999.994 cents.
196999.994 cents rounded to the nearest cent is 197000 cents.
197000 cents converts to $1970.00