In 1 year, Krysta wants to buy a bicycle that costs 3,000.00. If she opens a savings account that earns 5% interest compounded continuously, how much will she have to deposit as principal to have enough money in 1 year to buy the bike?

Lösung

In 1 year, Krysta wants to buy a bicycle that costs 3, 000.00. If she opens a savings account that earns 5% interest compounded continuously, how much will she have to deposit as principal to have enough money in 1 year to buy the bike?

Lösung

Principal : 2853.69

Schritte zur Lösung

Translate the problem into an equation:

3000 = P e^{0.05 \cdot 1}

Löse nach

P, 3000 = P e^{0.05 \cdot 1} : P = 2853.69

Principal : 2853.69

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