How much money must be deposited today to become $2250 in 30 years at 5.5% compounded continuously? The deposit must be $ (Round to the nearest cent as needed.)

College Algebra
1st Edition
ISBN:9781938168383
Author:Jay Abramson
Publisher:Jay Abramson
Chapter9: Sequences, Probability And Counting Theory
Section9.4: Series And Their Notations
Problem 62SE: Rachael deposits $1500 into a retirement fund each year. The fund earns 8.2% annual interest,...
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How much money must be deposited today to become $2250 in 30 years at 5.5%
compounded continuously?
The deposit must be $
(Round to the nearest cent as needed.)
5)
2.6)
Transcribed Image Text:How much money must be deposited today to become $2250 in 30 years at 5.5% compounded continuously? The deposit must be $ (Round to the nearest cent as needed.) 5) 2.6)
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