A = P ( 1 + r )^n 820 = P ( 1+.05 ) ^3 =
P ( 1.05 ) (1.05) (1.05) =820
P x 1.15 = 820
P = 820 / 1.15 = 713
Yes
Use formula:
A=P(1+R)^t
A=$820
R=5%
t=3 years
P=?
Put in the formula,
P=713
I'm thinking about investing money at 5%, compounded continuously, for three years until I can yield $820; but how much money will yield this goal?
A step-by-step explanation would be greatly appreciated, thanks.
