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 $7,000 dollars per year. Treat the investment as a continuous stream with interest paid at a rate of 4.5% 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 4.5% compounded continuously to grow to the amount found 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 $7,000 dollars per year. Treat the investment as a continuous stream with interest paid at a rate of 4.5% 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 4.5% compounded continuously to grow to the amount found part (a)? (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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