# calculus

a university alumni group wishes to provide an annual scholarship in the amount of 1500 beginning next year. if the scholarship fund will earn an interest rate of 8%/year compounded continuously, find the amount of the endowment the alumni are required to make now.

1. 👍 0
2. 👎 0
3. 👁 380
1. 1500 = P(e^.08-1)
P = 18010

1. 👍 0
2. 👎 2

## Similar Questions

1. ### statistics

The director of an alumni association for a university wants to look at the relationship between the number of years since graduation and the amount of monetary contribution an alumnus makes to the university. He collects data on

2. ### Algebra 1

Jane needs a short-term loan to buy a new washing machine. She needs to borrow \$1500 at 20% compounded annually and plans to have it paid off in 1 year. Jane writes the formula 1500(1.2)t and finds out that this loan will cost her

3. ### Math

For the most recent year available, the mean annual cost to attend a private university in the United States was \$20,082. Assume the distribution of annual costs follows the normal probability distribution and the standard

4. ### Statistics

You are working as an assistant to the dean of institutional research at your university. She wants to survey members of the alumni association who obtained their baccalaureate degrees 5 years ago to learn what their starting

1. ### Statistics

A group of statistics students decided to conduct a survey at their university to find the average (mean) amount of time students spent studying per week. Assuming a standard deviation of 3 hours, what is the required sample size

2. ### Math

You are the administrator of an annual essay contest scholarship fund. This year a \$88,200 college scholarship is being divided between the top two contestants so that the winner receives six times as much as the runner-up. How

3. ### Statistics

A group of statistics students decided to conduct a survey at their university to find the average (mean) amount of time students spent studying per week. Assuming a standard deviation of 6 hours, what is the required sample size

4. ### compound interest

How do I solve these problems? Complete the table for a savings account in which interest is compounded continuously. 1. Initial Investment: \$1000 Annual % Rate: 3.5% Time to Double: ? Amount After 10 Years: ? 2. Initial

1. ### algebra

Larry Mitchel invested part of his \$32,000 advance at 7% annual simple interest and the rest at 6% annual simple interest. If this total yearly interest from both accounts was \$2,050, find the amount invested at each. The amount

2. ### Engineering Economy

The football coach at the Midwestern university was given a 5yr employment contract that paid \$22500 the first year and increased at an 8% uniform rate in each subsequent year. At the end of the first year's football season, the

3. ### algebra

Mei's salary starts at \$16,000 per year with annual raises of \$1500. Janet's starting salary is \$19,300 with annual raises of \$950. After how many years will the two women be earning the same salary?

4. ### math

Mrs. Diaz wishes to save at least \$1500 in 12 months. If she save \$300 during the first 4 months, what is the least possible average amount that she must save in each of the remaining 8 months? After 4 months, 4 x 300 = \$1200 will