Share
Explore BrainMass

Continuously Compounding Interest

Susie is opening an online savings account with an interest rate of 5.5%, compounded continuously. She wants the account to have a balance of $4,000 after 6 years. Assuming the interest rate stays the same, how much money must Susie deposit now in order to reach her goal? (Show formula and answer in a complete sentence)

Solution Summary

Continuously Compounding Interest is investigated. The solution is detailed and well presented. The response received a rating of "5/5" from the student who originally posted the question.

$2.19