O EXPONENTIAL AND LOGARITHMIC FUNCTIONS Mare Finding the initial amount in a word problem on continuous... Mr. and Mrs. Garcia hope to send their son to college in twelve years. How much money should they invest now at an interest rate of 9.5% per year, compounded continuously, in order to be able to contribute $9500 to his education? Do not round any intermediate computations, and round your answer to the nearest cent.

College Algebra
1st Edition
ISBN:9781938168383
Author:Jay Abramson
Publisher:Jay Abramson
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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O EXPONENTIAL AND LOGARITHMIC FUNCTIONS
Mare
Finding the initial amount in a word problem on continuous...
Mr. and Mrs. Garcia hope to send their son to college in twelve years. How much money should they invest now at an interest rate of 9.5% per year,
compounded continuously, in order to be able to contribute $9500 to his education?
Do not round any intermediate computations, and round your answer to the nearest cent.
Transcribed Image Text:O EXPONENTIAL AND LOGARITHMIC FUNCTIONS Mare Finding the initial amount in a word problem on continuous... Mr. and Mrs. Garcia hope to send their son to college in twelve years. How much money should they invest now at an interest rate of 9.5% per year, compounded continuously, in order to be able to contribute $9500 to his education? Do not round any intermediate computations, and round your answer to the nearest cent.
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