Bridget wants to have $17,950 in her account in 10 years. How much money should she deposit in her account if it earns 7.5% interest, compounded continuously? Round to the nearest cent.
The formula for continuously compounded interest is: [tex]A=Pe^{rt}[/tex] [tex]17950=Pe^{0.075\times10}=Pe^{0.75}[/tex] [tex]P=\frac{17950}{e^{0.75}}=8478.98[/tex] The answer is $8478.98
