Answer: $7734.82
Step-by-step explanation:
You would use the equation F=Pe^rt because the interest is continuous.
What we know:
F= 2000
r= 4.75%
t= 20
Plug in the information to the equation: 2000=Pe^.0475*20.
Because we need P by itself, you would divide the e^rt on both sides so then they cancel out and you get 2000/e^.0475*20 = 7734.820469.
Rounding it to the hundredth place, you’ll get $7734.82
Hope that this helps :)
