An Account Now Contains $11150 and Has Been Accumulating Interest

question 167

Short Answer

An account now contains $11150 and has been accumulating interest at 7.2% annual interest, compounded continuously, for 7 years. Find the initial deposit. Please round the answer to the nearest cent. $__________

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Definitions:

Situational Leadership Model

A leadership approach that proposes the effectiveness of leadership styles varies depending on the readiness and competence of followers.

Telling Style

A leadership approach characterized by explicitly instructing subordinates on what to do and how to do it without seeking their input.

Contingency Approaches

Management theories suggesting that the best way to deal with certain situations is dependent on the specific circumstances.

Leadership Style

Refers to the manner and approach of providing direction, implementing plans, and motivating people within an organization or team.