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Samuel is going to invest in an account paying an interest rate of 5% compounded
continuously. How much would Samuel need to invest, to the nearest dollar, for the
value of the account to reach $77,000 in 9 years?

Respuesta :

Answer:

49097

Step-by-step explanation:

Well the answer was in delta math what can I say

samuelonum1

Answer:

$49677.4

Step-by-step explanation:

Given data

Interest rate r= 5%

Final amount A = $77,000

time t= 9 years

let us apply the compound interest formula

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

Substitute

[tex]77000=P(1+0.05)^9\\\\77000=P(1.05)^9\\\\77000=P*1.55[/tex]

Divide both sides by 1.55

P=77000/1.55

P=$49677.4

Hence the principal amount should be $49677.4

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