If you need $20,000 in your bank account in 6 years, how much must be deposited now? The interest rate is 10%, compounded continuously.

$11,289.48

Explanation:

The computation is shown below:

Given that

Amount = $20,000

Time period = 6 years

Interest rate = 10%

For this question, we use the formula that is presented below:

A = P × (1 + r)^n

where,

A = Amount

P = Principal

r = rate

t = time period

So,

$20,000 = P × (1 + 0.10)^6

$20,000 = P × 1.771561

So, P equal to

= $11,289.48

answer; /// i believe the correct answer to the above question is(200 pounds); /good luck

answer; possession utility;