Homework Help is Here – Start Your Trial Now!
Math
Advanced Math
uppose an individual wants to have exactly $300,000 available for her child's education. (a) Find the amount that would have to be invested at 12% compounded continuously, if the number of years until college is 8 years. (Round your answer to the nearest cent.) $ = (b) Find the amount that would have to be invested at 12% compounded continuously, if the number of years until college is 16 years. (Round your answer to the nearest cent.) $ = (c) Does leaving the money invested twice as long mean that half as much is needed initially? Explain. A.)Yes, at the given rate and amount of time, investing half the amount for twice as long will result in an amount equal to the stated goal. B.)No, at the given rate and amounts of time, investing half the amount for twice as long will result in an amount greater than the stated goal.    C.) No, at the given rate and amounts of time, investing half the amount for twice as long will result in an amount less than the stated goal.

uppose an individual wants to have exactly $300,000 available for her child's education. (a) Find the amount that would have to be invested at 12% compounded continuously, if the number of years until college is 8 years. (Round your answer to the nearest cent.) $ = (b) Find the amount that would have to be invested at 12% compounded continuously, if the number of years until college is 16 years. (Round your answer to the nearest cent.) $ = (c) Does leaving the money invested twice as long mean that half as much is needed initially? Explain. A.)Yes, at the given rate and amount of time, investing half the amount for twice as long will result in an amount equal to the stated goal. B.)No, at the given rate and amounts of time, investing half the amount for twice as long will result in an amount greater than the stated goal.    C.) No, at the given rate and amounts of time, investing half the amount for twice as long will result in an amount less than the stated goal.

Intermediate Algebra
Intermediate Algebra
10th Edition
ISBN:9781285195728
Author:Jerome E. Kaufmann, Karen L. Schwitters
Publisher:Jerome E. Kaufmann, Karen L. Schwitters
Chapter11: Exponential And Logarithmic Functions
Section11.2: Applications Of Exponential Functions
Problem 27PS
See similar textbooks
icon
Related questions
Question
Suppose an individual wants to have exactly $300,000 available for her child's education.
(a)
Find the amount that would have to be invested at 12% compounded continuously, if the number of years until college is 8 years. (Round your answer to the nearest cent.)
$ =
(b)
Find the amount that would have to be invested at 12% compounded continuously, if the number of years until college is 16 years. (Round your answer to the nearest cent.)
$ =
(c)
Does leaving the money invested twice as long mean that half as much is needed initially? Explain.
A.)Yes, at the given rate and amount of time, investing half the amount for twice as long will result in an amount equal to the stated goal.
B.)No, at the given rate and amounts of time, investing half the amount for twice as long will result in an amount greater than the stated goal.   
C.) No, at the given rate and amounts of time, investing half the amount for twice as long will result in an amount less than the stated goal.
 
Expert Solution
steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Recommended textbooks for you
Intermediate Algebra
Intermediate Algebra
Algebra
ISBN:
9781285195728
Author:
Jerome E. Kaufmann, Karen L. Schwitters
Publisher:
Cengage Learning
Algebra for College Students
Algebra for College Students
Algebra
ISBN:
9781285195780
Author:
Jerome E. Kaufmann, Karen L. Schwitters
Publisher:
Cengage Learning
Algebra & Trigonometry with Analytic Geometry
Algebra & Trigonometry with Analytic Geometry
Algebra
ISBN:
9781133382119
Author:
Swokowski
Publisher:
Cengage
SEE MORE TEXTBOOKS