a) A bank account earns 10% interest compounded continuously. At what (constant, continuous) rate must a parent deposit money into such an account in order to save $100,000 in 10 years for a child's college expenses? Round your answer to the nearest integer. per year b) if the parent decides instead to deposit a lump sum now in order to attain the goal of $100.000 in 10 years, how much must be deposited now? Round your answer to the nearest integer.
a) A bank account earns 10% interest compounded continuously. At what (constant, continuous) rate must a parent deposit money into such an account in order to save $100,000 in 10 years for a child's college expenses? Round your answer to the nearest integer. per year b) if the parent decides instead to deposit a lump sum now in order to attain the goal of $100.000 in 10 years, how much must be deposited now? Round your answer to the nearest integer.
Chapter6: Exponential And Logarithmic Functions
Section6.1: Exponential Functions
Problem 68SE: An investment account with an annual interest rateof 7 was opened with an initial deposit of 4,000...
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