Lily is going to invest in an account paying an interest rate of 5.6% compounded continuously. How much would Lily need to invest, to the nearest cent, for the value of the account to reach $78,000 in 9 years?
PV ==FV / e^(rt)
PV ==78 / e^(0.056 * 9)
==78 / e^(0.504)
==78 / 1.6553294....
== $47.12 - what Lily needs to invest today.
