SOLUTION: Jerome will be buying a used car for $7,000 in 3 years. How much money should he ask his parents for now so that, if he invests it at 8% compounded
continuously, he w
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Question 1140189: Jerome will be buying a used car for $7,000 in 3 years. How much money should he ask his parents for now so that, if he invests it at 8% compounded
continuously, he will have enough to buy the car?
Jerome should ask for $__
Answer by Boreal(15235) (Show Source): You can put this solution on YOUR website!
x*e^(0.08*3)=7000
x*e^0.024=7000
x=7000/1.271 (round at end)
=$5506.40
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