Question

Need answer for this. Will award medal

Answer 1

your question?

Answer 2

An initial amount of money is placed in an account at an interest rate of 2% per year, compounded continuously. After six years, there is $3348.67 in the account. Find the initial amount placed in the account. Round your answer to the nearest cent.

Answer 3

ok so 2% is 2/100 which equals .02 correct

Answer 4

yes

Answer 5

so after 6 years that account has 12% more than it had 6yrs ago

Answer 6

so how do i get the amount

Answer 7

isnt there an equation for this

Answer 8

nope :/

Answer 9

@dan815

Answer 10

i knew it
there is an equation which is A=Pe^rt

Answer 11

A is final amount
r is interest rate
and t is time

Answer 12

so you manipulate the problem to get P=A/e^rt
which becomes P=3348.67/e^.02*6

Answer 13

then just solve for p and you'll have your answer

Answer 14

I got 2970 :/ but I'll check my answer thanks