How much money has to be invested at 2.9% interest compounded continuosly to have 34,000 after 18 years

Answer:[tex]\$20,173.31[/tex]  Step-by-step explanation:we know that The formula to calculate continuously compounded interest is equal to [tex]A=P(e)^{rt}[/tex]  where  A is the Final Investment Value  P is the Principal amount of money to be invested  r is the rate of interest in decimal  t is Number of Time Periods  e is the mathematical constant number we have  [tex]t=18\ years\\ A=\$34,000\\ r=0.029[/tex]  substitute in the formula above  [tex]34,000=P(e)^{0.029*18}[/tex]  [tex]P=34,000/((e)^{0.029*18})=\$20,173.31[/tex]