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Sheri can invest at 9.3% in a continuous interest account. She would like to have 500,000 at the end of 10 years. How much money should she invest?

Solution

Sheri can invest at 9.3% in a continuous interest account. She would like to have 500, 000 at the end of 10 years. How much money should she invest?

Solution

Principal : 197276.86

Solution steps

Translate the problem into an equation:

500000 = P e^{0.093 \cdot 10}

Solve for

P, 500000 = P e^{0.093 \cdot 10} : P = 197276.86

Principal : 197276.86

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