For the past 15 years, an employee of a large corporation has been investing in an employee sponsored educational savings plan. The employee has invested $8,000 dollars per year. Treat the investment as a continuous stream with interest paid at a rate of 4.1% compounded continuously. (a) How much money is in the savings account today? (Round your answer to the nearest cent.) (b) How much money would have had to be invested 15 years ago and compounded at 4.1% compounded continuously to grow to the amount found in part (a)? (Round your answer to the nearest cent.)
For the past 15 years, an employee of a large corporation has been investing in an employee sponsored educational savings plan. The employee has invested $8,000 dollars per year. Treat the investment as a continuous stream with interest paid at a rate of 4.1% compounded continuously. (a) How much money is in the savings account today? (Round your answer to the nearest cent.) (b) How much money would have had to be invested 15 years ago and compounded at 4.1% compounded continuously to grow to the amount found in part (a)? (Round your answer to the nearest cent.)
Chapter10: Exponential And Logarithmic Functions
Section: Chapter Questions
Problem 442RE: Jerome invests $18,000 at age 17. He hopes the investments will be worth $30,000 when he turns 26....
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