SOLUTION: i have this math problem i would like to know how to do it and see the process step by step, can anyone help me? is this a compounded formula like government loans use? Jack

Question 724395: i have this math problem i would like to know how to do it and see the process step by step, can anyone help me? is this a compounded formula like government loans use?

Jack and Susan have just celebrated the birth of a daughter. They want to make a onetime deposit of money into an interest-bearing account so that their daughter will have $50,000 for college at age 18. At a rate of 3.5%, compounded continuously, how much money do they need to deposit?
Answer by josgarithmetic(39626) (Show Source): You can put this solution on YOUR website!
Continuous compounding fits , t is time in years, r is the rate in decimal form.

. Find p. Should be 26630 dollars to invest for 18 years.
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