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How much should be invested now at an interest rate of 6.5% per year, compounded continuously, to have $1500 in two years?

Do not round any intermediate computations, and round your answer to the nearest cent.
If necessary, refer to the list of financial formulas.

Respuesta :

Mrapplestime

Answer:

$1317.14

Step-by-step explanation:

compounded continuously formula is A=Pe^rt

given that you want to have $1500 in 2 years while the rate is 6.5%, you have A, r, and t of the formula and you are just looking for the P.

plugging everything in...

1500=P (e)^2x0.065

P=1500/1.139

P=1317.14

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