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]
