An aunt wants to make a gift of $120,000.00 to their niece's for her college education on her 18th birthday. How much would have been invested on the day of their niece's birth if their investment could earn: a) 11% compounded continuously? $ (Round to 2 decimal places.) b) 11.5% compounded continuously? $ (Round to 2 decimal places.)

An aunt wants to make a gift of $120,000.00 to their niece's for her college education on her 18th birthday. How much would have been invested on the day of their niece's birth if their investment could earn: a) 11% compounded continuously? $ (Round to 2 decimal places.) b) 11.5% compounded continuously? $ (Round to 2 decimal places.)

Intermediate Algebra

19th Edition

ISBN:9780998625720

Author:Lynn Marecek

Publisher:Lynn Marecek

Chapter12: Sequences, Series And Binomial Theorem

Section12.3: Geometric Sequences And Series

Problem 12.59TI: New grandparents decide to invest 3200 per month in an annuity for their grandson, The account will...

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