How much money invested at 5% compounded continuously for 3 years will result in $820?

ANSWER:

The correct answer is $705.78

STEP-BY-STEP EXPLANATION:

How much money invested at 5% compounded continuously for 3 years will result in $820?

Let P be the amount invested.

compound interest = 5%

820 = Pe^[(0.05)(3)]  

820/e^0.15 = P  

705.78 = P to nearest cent

hello from mrbilldoesmath!

answer:

a(n) - a(n-1) -3

discussion:

this ones a bit interesting. given a(n) = 5 - 3n consider this:

a(n-1) = 5 - 3(n-1)

          = (5 - 3n) + 3             => but a(n) = 5 - 3n, the first term

          = a(n)   + 3                 => subtract 3 from both sides

a(n-1) -3 = a(n)  

or

a(n) - a(n-1) -3

you,

mrb

just do 5.2 + 2 ( 7.2) and 1/3 x 3 (.9) and youv'e got your equation. 0.9( 9/10) + 7.2 ^2 = 16.4 hope i could !

step-by-step explanation: