Trust Fund A deposit of $20,000 is made in a trust fund that pays 8% interest, compounded continuously. It is specified that the balance will be given to the college from which the donor graduated after the money has earned interest for 50 years. How much will the college receive? Step 1: State the quantities given in the problem. (If it is not given in the problem, enter DNE.)

Trigonometry (MindTap Course List)
10th Edition
ISBN:9781337278461
Author:Ron Larson
Publisher:Ron Larson
Chapter5: Exponential And Logarithmic Functions
Section5.1: Exponential Functions And Their Graphs
Problem 58E
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Trust Fund A deposit of $20,000 is made in a trust fund that pays 8% interest, compounded continuously. It is specified that the balance will be given to the college from which the donor graduated after the money has earned interest for 50 years. How much will the college receive?
Step 1:
State the quantities given in the problem. (If it is not given in the problem, enter DNE.)
Step 2:
Choose the appropriate compound interest formula.
O A - (1+"
O A- Pet
Step 3:
Solve using the formula chosen. (Round your answer to two decimal places.)
The college will receive $
Transcribed Image Text:Trust Fund A deposit of $20,000 is made in a trust fund that pays 8% interest, compounded continuously. It is specified that the balance will be given to the college from which the donor graduated after the money has earned interest for 50 years. How much will the college receive? Step 1: State the quantities given in the problem. (If it is not given in the problem, enter DNE.) Step 2: Choose the appropriate compound interest formula. O A - (1+" O A- Pet Step 3: Solve using the formula chosen. (Round your answer to two decimal places.) The college will receive $
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