contestada

Henry is going to invest in an account paying an interest rate of 2.5% compounded continuously. How much would henry need to invest for the value of the account to reach $690 in 6 years?

Respuesta :

samuelonum1

Answer:

$595.34

Step-by-step explanation:

Step one

given data

interest rate of 2.5%= 0.025

final amount= $690

time = 6 years

Required

Principal P

Step two

The compound interest formula is

[tex]A= P(1+r)^t[/tex]

substitute

[tex]690=P(1+0.025)^6\\\\690=P(1.025)^6\\\\690=P1.159\\\\[/tex]

divide both sides by 1.159

P=690/1.159

P= $595.34

Answer:

590

Step-by-step explanation:

Answer from delta math

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