If I want to grow an investment to $20,000 to have as a down payment, how much does the Initial investment need to be if it will earn interest compounded continuously at 6% and I need it to be ready in 5 years?

Algebra for College Students
10th Edition
ISBN:9781285195780
Author:Jerome E. Kaufmann, Karen L. Schwitters
Publisher:Jerome E. Kaufmann, Karen L. Schwitters
Chapter10: Exponential And Logarithmic Functions
Section10.2: Applications Of Exponential Functions
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2. IfI want to grow an Investment to $20,000 to have as a down payment, how much does the
Initial Investment need to be if it will earn linterest compounded continuOusly at 6% andineed It
to be ready in 5 years?
Transcribed Image Text:2. IfI want to grow an Investment to $20,000 to have as a down payment, how much does the Initial Investment need to be if it will earn linterest compounded continuOusly at 6% andineed It to be ready in 5 years?
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