How much money invested at 5% compounded continuously for 3 years will result in $852

Step-by-step explanation:

Rate of interest is 5%.

Time = 3years

Amount = $852

Then, we need to find P

Generally compound interest is given as

A=P (1+r/n) ^nt

A=final amount

P=initial principal balance

r=interest rate

n=number of times interest applied per time period=12

t=number of time periods elapsed

A=P (1+r/n) ^nt

852=P (1+0.05/12) ^ (12*5)

852=P (1+0.004167) ^60

852=P (1.004167) ^60

852=1.2834P

Then, P=852/1.2834

P=$663.88

Then the principal amount invested is $663.88

Approximately $664