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Brooklyn is going to invest in an account paying an interest rate of 1.9% compounded continuously. How much would Brooklyn need to invest, to the nearest hundred dollars, for the value of the account to reach $530 in 7 years?

Answer :

Answer:

The answer is 500

Answer Explanation:

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raphealnwobi

The amount of money Brooklyn need to invest, for the value of the account to reach $530 in 7 years is $500

What is an equation?

An equation is an expression that shows the relationship between two or more numbers and variables.

Let P represent the amount of money that Brooklyn should invest, hence:

Since the interest is 1.9% (0.019) in 7 years, therefore:

[tex]$530=P(1 + \frac{0.019}{1} )^{1*7}\\\\\\[/tex]

[tex]P=464.58[/tex]

The amount of money Brooklyn need to invest, for the value of the account to reach $530 in 7 years is $500

Find out more on equation at: https://brainly.com/question/2972832

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