On the day of a child's birth, a parent deposits $30,000 in a trust fund that pays 5% interest, compounded continuously. Determine the balance in this account on the child's 24th birthday. (Round your answer to two decimal places.)

Q: A newborn child receives a $15,000 gift toward a college education from her grandparents. How much…

A: The gift amount receieved, P=$15000

Q: To help their son buy a car on his 16th birthday, a boy's parents invest $7500 on his 10th birthday.…

A: For compounded continuously A=Pert  P=initial amount r=rate of interest t=time in years A=Amount in…

Q: Aaliyah invested $350 in an account paying an interest rate of 4% compounded continuously. Assuming…

A: Solving the problem by finding the value after 20 years.

Q: In the year 1977 a new house was appraised at $182000. According to the CPI data, how much should a…

A: Given that, In the year 1977 a new house was appraised at $182000.

Q: Recently, a certain bank offered a 5-year CD that earns 2.45% compounded continuously. Use the given…

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Q: What rate of interest compounded annually is required to double an investment in 4 ​years?   The…

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Q: A savings account has an initial balance of $1,000 and earns 3 percent interest compounded monthly.…

A:

Q: Upon the birth of their first child, a couple deposited $5000 in an account that pays 8% interest…

A:

Q: Jane currently pays a $723 premium for health insurance. If the premium increases at a rate of…

A: P= pert

Q: You deposit $6000 in an account earning 5% interest compounded continuously. How much will you have…

A: Continuously compounded interest means that your principal is constantly earning interest and the…

Q: To help their son buy a car on his 16th birthday, a boy's parents invest $7500 on his 10th birthday.…

A: Principal amount, P=$ 7500 Rate of interest, r= 7% Time, t= 6 years

Q: How long will it take $4000 to grow to $8500 if the investment earns interest at the rate of 11%…

A:

Q: At a 8% interest compounded monthly, how long will it take to turn a hundred dollars into a million…

A: Initial amount= P= 100  Final amount = A= 1000000  Interest rate= r= 8%=0.08  Time=t=? Number of…

Q: If $900 is deposited in an account paying 9 % annual interest, compounded continuously, how long…

A: We can find the time as below.

Q: Brandon invested $41,000 in an account paying an interest rate of 3 % compounded continuously. Evan…

A: Formula for simple compound interest where P is principal amount            r is interest rate…

Q: Elizabeth invested $970 in an account paying an interest rate of 62% compounded daily. Matthew…

A: Given problem:- Elizabeth invested $970 in an account paying an interest rate of 65% compounded…

Q: An account now contains $3,670 and has been accumulating interest at 5% annual interest, compounded…

A: We have to find the amount in the account 5 years ago.

Q: If you invest $2090 compounded annually at 9.2%, how long will it take to double your investment?…

A:

Q: An investment of $89,800.00 earns 12% annual interest, compounded continuously. If no funds are…

A: We will compute the future value as following.

Q: How long does it take for an investment to double in value if it is invested at 14% compounded…

A: Compound interest:In compound interest, interest is added back to the principal sum so that interest…

Q: What is the APY for money invested at each​ rate? ​(A) 66​%compounded quarterly ​(B) 44​%compounded…

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Q: Rock Solid Bank & Trust is offering a CD that pays 5% compounded continuously. How much interest…

A: Initial amount = P= 1000 Interest rate = r =5%=0.05   time=t= 12 years Final amount = A =? Then we…

Q: Jocelyn invested $56,000 in an account paying an interest rate of 7% compounded continuously. Oliver…

A:

Q: If you invest $1147 compounded annually at 8.5%, how long will it take to double your investment?…

A:

Q: Use the compound interest formula to solve:Suppose that you have $14,000 to invest. Which investment…

A: Given principal=$14,000time =10yearsRate =7% or 6.85%

Q: You deposit $2000 in an account earning 7% interest compounded continuously. How much will you have…

A:

Q: circle the final answer and read the question carefully.

A: Consider the given question,Given, Principle (P) = $17,000Rate of interest (r) = 5.4%Time (t) = 5…

Q: Say you have placed 10,000 pesos in your bank account that pays 4% interest, compounded…

A: The continuous compounding formula is, A = Pert  where, P is the initial amount A is the final…

Q: Sarge invested $10,000 per year in his RRSP each year for 20 years. If interest is 496 compounded…

A: Given problem:- Sarge invested $10,000 per year in his RRSP each year for 20 years. If interest is…

Q: How much money should be invested in an account that earns 6% interest,  compounded monthly, in…

A: Formula to be used

Q: Second National Bank offers an account that earns 3.86% per year, compounded continuously. If a…

A:

Q: Which of the given interest rates and compounding periods would provide the better investment?(a) 5%…

A: r=5%=0.05, n=2 a). By using compound interest formula, we have A=P1+rnn·t=P1+0.0522t=P1.0252t

Q: |Second National Bank offers an account that earns 4.89% per year, compounded continuously. If a…

A: Recall the following fact.

Q: Rochelle deposits $5,000 in an IRA. What will be the value (in dollars) of her investment in 15…

A: Use compound interest formula.

Q: If you invest $1200 in an account paying 9% compounded continuously, how much money will be in the…

A:

Q: You deposit $4000 in an account earning 3% interest compounded continuously. How much will you have…

A:

Q: An aunt wants to make a gift of $120,000.00 to their niece's for her college education on her 18th…

A:

Q: Dennis deposits $10,000 in a savings account that earns 2.88% annual interest, compounded…

A:

Q: Aubrey invested $61,000 in an account paying an interest rate of 1.9% compounded continuously.…

A:

Q: Use the exponential growth formula to calculate the amount of money you will have in the bank after…

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Q: t what monthly compounded interest rate does it take five years for an investment to quadruple?

A: Compound interest formula is given by    A = P(1+rn)nt           where P = principal…

Q: Joshua invested $99,000 in an account paying an interest rate of 4÷% compounded continuously.…

A:

Q: A Math 110 student decides to make quarterly payments of $1,000 into a retirement account paying 2%…

A: Given data : Quaterly payments of $ 1,000 i.e P = $ 1,000 x 4 = $ 4,000 ( yearly) rate of interest =…

Q: Rochelle deposits $4,000 in an IRA. What will be the value (in dollars) of her investment in 25…

A: We can make it easier for you

Q: A stock broker allocated $100,000 to an account earning 4% per year compounded continuously. If no…

A: Given problem Given that   A stock broker allocated $100,000 to an account earning 4% per year…

Q: Joshua invested $99,000 in an account paying an interest rate of 4,% compounded continuously.…

A: Given Joshua invested $99,000 in an account paying an interest rate of 412% compounded continously…

Q: If $200 is invested at 6% compounded (A) annually, (B) quarterly, (C) monthly, what is the amount…

A:

Q: If you leave $1400 in an account earning 7% interest, compounded daily, how much money will be in…

A: To find the money  in the account after 4 years.

Q: Lucy invested $30,000 in an account paying an interest rate of 6.6% compounded continuously.…

A: given that principle amount invested is p=$30000rule of interest, r=6.6%=0.066time period, t=9 years

Q: Darren accumulated $9,000 in credit card debt. If the interest rate is 4.1% per year and he does not…

A: