Wednesday
April 16, 2014

Homework Help: Calculus

Posted by Brooke on Wednesday, December 1, 2010 at 1:42am.

Redo problem 8 in section 6.3 of your textbook (page 288) assuming that the parents need $105000 in 9 years for college expenses, and that the bank account earns 9.25% compounded continuously. Round your answers to the nearest cent. (You may need to compute your answers to 4 or more decimal places before you round to the nearest cent.)

a) At what constant, continuous rate must the parents deposit money into the account in order to save the money?
Answer:

b) If the parents instead deposit a lump sum now, how much must the deposit be to attain the goal?
Answer:

Answer this Question

First Name:
School Subject:
Answer:

Related Questions

math college - A bank account earns 10 percent interest compounded continously. ...
math - A bank account earns 10 percent interest compounded continously. What ...
math - I have been staring at this problem forever, and cant seem to dig it up ...
math - Urban Community College is planning to offer courses in Finite Math, ...
Finance - shley is planning to attend college when she graduates from high ...
math - Suppose a young couple deposits $700 at the end of each quarter in an ...
finance - Anne is planning to attend college when she graduates from high school...
calculus - Suppose $5000 is deposited in a bank account that compounds interest ...
Simple & Compounding Interest - I am SO STUCK on this problem... PLEASE HELP ...
math models - Tanisha wants to have $1000 in her bank account in 5 years. How ...

Search
Members