We have to calculate how much money has to be invested at 2.3% interest compounded continuously to achieve $41,000 after 17 years. The formula is: A = P * ( 1 + r )^t, where A = $41,000, r = 0.023 and t = 17. 41,000 = P ( 1 + 0.023 ) ^17; 41,000 = P ( 1.023 )^17; 41,000 = P * 1.4719; P = 41,000 : 1.4719; P = 27,855.15. Answer: It has to be invested $27,855.
