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OpenStudy (excalibur0126):
How much money invested at 5% compounded continuously for 3 years will result in $820? Please show steps or equation used to solve this.
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OpenStudy (mathmale):
The formula for continuous compounding is \[A=Pe ^{rt}\] You know that A=$820, r=0.05, and t=3. Subst. these values into the above equation and solve for P, the beginning principal.
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