Question

Andres is going to invest in an account paying an interest rate of 4% compounded
continuously. How much would Andres need to invest, to the nearest dollar, for the
value of the account to reach $4,700 in 11 years?

Answer 1

$~~~~~~ \textit{Continuously Compounding Interest Earned Amount} \\\\ A=Pe^{rt}\qquad \begin{cases} A=\textit{accumulated amount}\dotfill & \ 4700\\ P=\textit{original amount deposited}\\ r=rate\to 4\%\to \frac{4}{100}\dotfill &0.04\\ t=years\dotfill &11 \end{cases} \\\\\\ 4700=Pe^{0.04\cdot 11} \implies 4700=Pe^{0.44}\implies \cfrac{4700}{e^{0.44}}=P\implies 3027\approx P$