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

## 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 ...
- Calculus - assuming that you wish to have $19000 in 7 years and that the account...
- math - a bank account earns 7% annual interest compounded continuously. you ...
- Calculus - Compound Interest - Recently, a certain bank offered a 10-year CD ...
- Calculus Please help! - If 7000 dollars is invested in a bank account at an ...
- calc2 - At what constant, continuous annual rate should you deposit money into ...
- Calculus :) - If 8000 dollars is invested in a bank account at an interest rate ...
- college math - You won the lottery. They will pay you 1 million dollars a year ...

More Related Questions