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A bank account earned 3.5% continuously compounded annual interest. After the initial deposit, no deposits or withdrawals were made. At the end of an 8 year period, the balance in the account was $13231.30. What was the dollar amount of the initial deposit? Round your answer to the nearest dollar. Do not include a dollar sign ($) or comma in your answer.

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Answer:

[tex]\large \boxed{\$10000.00}[/tex]

Step-by-step explanation:

We can use the formula for continuously compounded interest.

[tex]\begin{array}{rcl}A & = & Pe^{rt}\\13231.30& = & Pe^{0.035 \times 8}\\& = &Pe^{0.28}\\& = & P\times 1.3231298\\P & = &\dfrac{13231.30}{1.3231298}\\\\&=&\mathbf{10000.00}\\\end{array}\\\text{The initial deposit was $\large \boxed{\mathbf{\$10000.00}}$}[/tex]

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