SOLUTION: I am require $11,000 in two years to return to college to get an MBA degree. How much money should I ask my father for now so if I invests it at 9% interest compounded continuou

Question 80417:
I am require $11,000 in two years to return to college to get an MBA degree. How much money should I ask my father for now so if I invests it at 9% interest compounded continuously, I will have enough for school? Round answer to the nearest dollar amount.
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
I am require $11,000 in two years to return to college to get an MBA degree. How much money should I ask my father for now so if I invests it at 9% interest compounded continuously, I will have enough for school? Round answer to the nearest dollar amount.
---------
A(t)=Pe^(rt)
11000 = Pe^(0.09*2)
P = 11000/e^(0.18)
P = 9187.97
Rounding: P =$9188
-----------
Cheers,
Stan H.
RELATED QUESTIONS
Hello! I would like to check my solution. Mandy will require $11,000 in 2 years to... (answered by ankor@dixie-net.com)

Cindy will require $15,000 in 2 years to return to college to get an MBA degree. How much (answered by mathmate)

Word problems is something I have never been good at. This is one of those. Will I... (answered by ankor@dixie-net.com)

Thanks for the previous question answered. Pls, help me in this one also Cindy will... (answered by stanbon)

This problem is impossible! My pivot elements are not working out correctly. I have it... (answered by richwmiller)

The parents of a child have just come into large inheritance and wish to establish a... (answered by scott8148)

I am in need of great assistance...calling on experts for this pitiful student. I don't... (answered by checkley75)

You want to have a $75, 000 college fund in 15 years. how much will you have to deposit... (answered by rfer)

My goal is to create a college fund for my child. Suppose I find a fund that offers an... (answered by ikleyn)