SOLUTION: On the day of your grandchild's birth, you deposit$46881 in a trust fund that pays 7.01% interest, compounded continously. Find the balance in this account on your grandchilds 29th
Algebra.Com
Question 140002: On the day of your grandchild's birth, you deposit$46881 in a trust fund that pays 7.01% interest, compounded continously. Find the balance in this account on your grandchilds 29th birthday. Being that i'm really old now i'm having some difficulty solving this problem.
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
A(t) = Pe^(rt)
A(29) =46881*e^(0.0701*29)
A(29) = $357992.66
======================
Cheers,
Stan H.
RELATED QUESTIONS
please help me solve this question.On the day of a child's birth, a deposit of $25,000 is (answered by ankor@dixie-net.com)
on the day of a childs birth,a deposit of 25,000 is made in a trust fund that pays 8.75%... (answered by robertb)
On the day of a child's birth, a deposit of $40,000 is made in a trust fund that pays 6%... (answered by stanbon)
On the day of a child's birth, a deposit of $40,000 is made in a trust fund that pays 5%... (answered by Alan3354)
On the day a person is born, a deposit of $50,000 is made in a trust fund that pays 8.75% (answered by rfer)
Ricardo deposits $4500 in a trust fund that pays 15% interest at the end
of each year.... (answered by ikleyn)
A young man is the beneficiary of a trust fund established for him 16 yr ago at his... (answered by Earlsdon)
Larry inherited Php1,500,000 on the day he became 35 years old. Under the specifications... (answered by Boreal)
Following the birth of their grandson, his grandparents deposit $10,000 in a college... (answered by ewatrrr)