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Calc

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At the time of the birth of a child, a parent wants to begin a college fund that will grow to $50000 by the child's 18th birthday. Interest is compounded continuously at 8.5%. What should the initial investment (P0) be?

  • Calc -

    50,000=PO*e^k18

    ln 50,000= ln PO + .085*18

    lnPO= 10.82-1.53=9.29
    PO=10829.18

    check that.

  • math -

    how many years will it take for $4,000 to reach $6,000 at a simple interest rate of 5

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