When your first child is born, you begin to save for college by depositing $700 per month in an account paying 12% interest per year. With a continuous stream of investment and continuous compounding, how much will you have accumulated in the account by the time your child enters college 18 years later? (Round your answer to the nearest cent.)

When your first child is born, you begin to save for college by depositing $700 per month in an account paying 12% interest per year. With a continuous stream of investment and continuous compounding, how much will you have accumulated in the account by the time your child enters college 18 years later? (Round your answer to the nearest cent.)

College Algebra (MindTap Course List)

12th Edition

ISBN:9781305652231

Author:R. David Gustafson, Jeff Hughes

Publisher:R. David Gustafson, Jeff Hughes

Chapter8: Sequences, Series, And Probability

Section8.CR: Chapter Review

Problem 52E: Investment problem If Landon invests 3000 in a 6-year certificate of deposit at the annual rate of...

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