Answer:
Step-by-step explanation:
The formula to compound continuously is
[tex]A(t)=Pe^{(r)(t)}[/tex] where
A(t) is the amount after all the compounding is done,
P is the initial investment,
r is the interest rate in decimal form, and
t is the time in years.
For us, that looks like this:
[tex]34000=Pe^{(15)(.085)}[/tex] and
[tex]34000=Pe^{1.275}[/tex]
When you raise e (Euler's number) on your calculator to that power you get
34000 = P(3.57870141) and
P = 9500.65
