Question

Nathan is going to invest in an account paying an interest rate of 1.9% compounded continuously. How much would Nathan need to invest, to the nearest dollar, for the value of the account to reach $280 in 12 years?

Answer 1

223 (rounded to closest one) actual answer would be 222.91479275

Explanation:

use formula A=Pe^nt

$280 = Pe^0.019(12)

$280 = Pe^0.228, then evaluate the solution by isolating the variable and dividing each side by the factors which don't contain the variable.

P = 222.91479275