\'How much would you need to deposit in an account now in order to have $5000 in

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'How much would you need to deposit in an account now in order to have $5000 in the account in 15 years? Assume the account earns 3% interest compounded continuously.

https//mathas.pvc.maricopaedu /assessment/showtestphp?actions skip&to;=17&regen;=17 sment x C Search Q&A; Chegg.com Chapter 4 Handout I Chapter 4 Handout 4 Handout a Compound interest Calcu. Ya Ask a homework question. J If you randomly select a C. .. W Poker probability - Wikipe. A Questions on Algebra Ave. O - A c n AT141 11949/20234 Sul16 Online Assessment Alizae Ybarra & Homework 5.2 Due in 1 hours, 3 minutes. Due Thu 06/23/2016 11:59 pm Show Intro/Instructions Dns 1 [0/0] 2 (5/5] 3 (5/5) 4 (5/5] 5 (5/5) 6 (5/5) 7 (5/5] 8 (5/5) 19 (5/5) 2 10 (5/5) a 11 (5/5) 2 12 (S/5] Q 13 (5/5) R 14 (5/5) Q 15 (S/5) Q 16 (5/5] Q 17 (S/5) Q 18 (O/5) Q 19 (O/5) Q 20 (O/5) How much would you need to deposit in an account now in order to have $5000 in the account in 15 years? Assume the account earns 3% interest compounded continuously. License Points possible: 5 This is attempt 1 of 3. Submit on stock

Explanation / Answer

Let P be the deposit .

Now our compound interest is 3% continuously.

So, the interest+deposit after 15 years become.

P(1+3/100)15 = 5000

=> P = 5000/(1+3/100)15 = 3209.31 .

So , P should be 3209.31

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