Suppose you invest $P on a CD paying 1.85% interest compounded continuously for a term

Chapter 10, Problem 46

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QUESTION:

Suppose you invest $P on a CD paying 1.85% interest compounded continuously for a term of five years. At the end of the term you get $1645.37 from the bank. Find the value of the original principal P

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QUESTION:

Suppose you invest $P on a CD paying 1.85% interest compounded continuously for a term of five years. At the end of the term you get $1645.37 from the bank. Find the value of the original principal P

ANSWER:

Step 1 of 3

We have invested  on a CD paying  interest compounded continuously for a term of five years.

At the end of the term, we get .

 

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