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PLEASE HELPP!!
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 $3287.11 in the
account. Find the initial amount placed in the account. Round your answer to the nearest cent.

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sqdancefan

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Answer:

  $2560.00

Step-by-step explanation:

The account balance is given by the formula ...

  A = Pe^(rt) . . . . principal P invested at rate r for t years

Filling in your numbers, we have ...

  $3287.11 = Pe^(0.05·5)

  P = $3287.11e^(-0.25) = $2560.00

The initial amount was $2560.00.

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