How much money must be deposited today to become $1450 in 50 years at 4.5% compounded continuously. round to the nearest cent if needed

Answer

Find out the how much money must be deposited today to become $1450 in 50 years at 4.5% compounded continuously .

To prove

Formula

Where rate is in the decimal form

As given

$1450 in 50 years at 4.5% compounded continuously.

Put all the values in the formula

Rate in the decimal form.

= 0.045

Compound interest = $1450

Principle= $ 160.58 (approx)

As 1 dollar = 100 cent

Now convert amount into the cent .

Principle=  160.58 × 100 cent

             = 16058 cent

Therefore the amount deposit in the account is 16058 cent.

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