An amount borrowed at 29% interest per year compounded continuously

Has accumulated to 38279.20 after four years. The initial amount borrowed was 1. 7160.73 2. 12000 3. 12005.53 4. 13823.05 5. 17721.85
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1 Answer

A=Pe^rt, A=amount after t years at rate R, P=initial amount or principal. A=38279.20, t=4, r=0.29. So P=38279.20/e^1.16=12000 (answer 2).

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