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