In 1 year, Megan wants to buy a bicycle that costs 800.00. If she opens a savings account that earns 12% interest compounded continuously, how much will she have to deposit as principal to have enough money in 1 year to buy the bike?

Solution

Solution

Principal : 709.54

étapes des solutions

Translate the problem into an equation:

800 = P e^{0.12 \cdot 1}

Solutionner pour

P, 800 = P e^{0.12 \cdot 1} : P = 709.54

Principal : 709.54

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