education. He has found a bank that will pay 9 percent interest compounded continuously. How much will he need to deposit initially so that in 11 years th balance will be $80,000? Round your answer to the nearest cent.

College Algebra
1st Edition
ISBN:9781938168383
Author:Jay Abramson
Publisher:Jay Abramson
Chapter9: Sequences, Probability And Counting Theory
Section9.4: Series And Their Notations
Problem 56SE: To get the best loan rates available, the Riches want to save enough money to place 20% down on a...
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1.
Donnie's father is planning to open a savings account to pay for Donnie's college
education. He has found a bank that will pay 9 percent interest compounded
continuously. How much will he need to deposit initially so that in 11 years the
balance will be $80,000? Round your answer to the nearest cent.
Transcribed Image Text:1. Donnie's father is planning to open a savings account to pay for Donnie's college education. He has found a bank that will pay 9 percent interest compounded continuously. How much will he need to deposit initially so that in 11 years the balance will be $80,000? Round your answer to the nearest cent.
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