   Chapter 6.4, Problem 36E ### Calculus: An Applied Approach (Min...

10th Edition
Ron Larson
ISBN: 9781305860919

#### Solutions

Chapter
Section ### Calculus: An Applied Approach (Min...

10th Edition
Ron Larson
ISBN: 9781305860919
Textbook Problem
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# Charitable Foundation A charitable foundation wants to help schools buy tablet computers. The foundation plans to donate $35,000 each year to one school beginning one year from now, and the foundation has at most$500,000 to start the fund. The foundation wants the donation to be given out indefinitely. Assuming an annual interest rate of 8 % compounded continuously, does the foundation have enough money to start the school fund?

To determine

Whether the charitable foundation, who wants to donate $35,000 each year to one school, have enough money to start the school fund. Explanation Given Information: The charitable foundation has$500,000 to start the fund and plans to donate \$35,000 each year to one school at an annual interest rate of 8% compounded continuously.

Present value of Perpetuity is:

Present value=0ertdt=Pr

Here, P is the size of each annual payment and r is the annual interest rate in decimal form.

Interest in fraction form is:

r=8%=8100=0

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