Find the Principal That Must Be Deposited in an Account

question 121

Multiple Choice

Find the principal that must be deposited in an account with an annual interest rate of 6%, compounded continuously, so that after 25 years the balance is $25,000. Round your answer to the nearest cent.

• A)$5,599.14
• B)$5,824.97
• C)$5,640.74
• D)$5,578.25
• E)$5,578.94

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Definitions:

Community Psychology

A branch of psychology that studies how people interact with their social environments and how social institutions affect individuals and groups.

Psychological Health

A state of well-being in which an individual realizes their abilities, can cope with normal stresses of life, work productively, and contribute to their community.

Competence

The ability or skill to effectively perform or complete a task to a specified standard.

Community Psychology

A branch of psychology that studies the relationships of individuals within their community and the wider society to improve welfare.