You have your heart set on buying a new car in 2 years. you invest $3,200 at 3.75% interest compounded continuously. how much money will have to use for your down payment on your new car

The available amount for the down payment of car and invested $3,200 at 3.75% interest compounded continuously is 3449.23$

Explanation:

We know final amount is given by  

Where,

A   =   final amount

P   =  initial principal balance = $3200

r    =   interest rate = 3.74%

t    =  number of time periods elapsed = 2 years

Substituting the values in the formula

A=

We know, e = 2.72

So we get A = 3449.23$ which is the available amount for the down payment of car .

d

step-by-step explanation:

d