SOLUTION: Sue and Tom have a new baby and wish to create a college fund for the child at age 18. How much money is needed to be invested now in an account that draws 10% compounded instantan
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Question 140341This question is from textbook College Algebra
: Sue and Tom have a new baby and wish to create a college fund for the child at age 18. How much money is needed to be invested now in an account that draws 10% compounded instantaneously if they want $30,000 when the child enters college? Use A=Pe^rt
I did this. Please help.
30000=Pe(10)(18)
e8.006=e5.192
This question is from textbook College Algebra
Answer by josmiceli(19441) (Show Source): You can put this solution on YOUR website!
The need to invest about $4,959.00
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