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> webwork / ma162-su20 golenbiewski / hw18 / 7 HW18: Problem 7 Previous Problem Problem List Next Problem (1 point) John wants to buy a new sports car, and he estimates that he'll need to make a $3,225.00 down payment towards his purchase. If he has 23 months to save up for the new car, how much should he deposit into his account if the account earns 5.53% compounded continuously so that he may reach his goal? John needs to deposit $2900.13 (Note: Your answer should have a dollar sign and be accurate to two decimal places) Preview My Answers Submit Answers You have attempted this problem 1 time. Your overall recorded score is 0%. You have unlimited attempts remaining. o Type here to search

Answer 1

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Solution :- 7 Amount » A = $3225.00 87 Let investment be "P'dollars time > t = 23 months t = ( 2 yers Amount => A="2p" dollars zate -> 8= 5.53%). >8> 0.0553 Let rate be 8% Let Iravestment be up" dollars. time => 85 months t-(35 Jyrs :. A=pert » P = A 3225 n » 12 (compounded monthly) A=p(!+ hommt 28=8 (1+ P- $ 2900. 67 CONSWER) » r= 1200 (2485 -1) → 729.83 % | CANSWER) ert (0.6553x2) е. 11t7 85 1200 725 2 z ltr

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