allie452 allie452

04-07-2022
Mathematics

contestada

Jacob invests a sum of money in a savings account with an interest rate of 9% compounded
continuously. After 6 years, the balance reaches $11,303.34. What was the amount of the initial
investment?

Jacob invests a sum of money in a savings account with an interest rate of 9 compounded continuously After 6 years the balance reaches 1130334 What was the amou class=

Respuesta :

ihabelias ihabelias

04-07-2022

Answer:

6587

Step-by-step explanation:

Formula is

A= P(1+r/n)^nt

A = 11303.34

r = .09

n = 365 compounded daily

t = 6 years

solve for P

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