SOLUTION: please help me solve this question.On the day of a child's birth, a deposit of $25,000 is made in a trust fund that pays 6% interest, compounded continuously. Determine the balance
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Question 950325: please help me solve this question.On the day of a child's birth, a deposit of $25,000 is made in a trust fund that pays 6% interest, compounded continuously. Determine the balance in this account on the child's 26th birthday.
Answer by ankor@dixie-net.com(22740) (Show Source): You can put this solution on YOUR website!
On the day of a child's birth, a deposit of $25,000 is made in a trust fund that pays 6% interest, compounded continuously.
Determine the balance in this account on the child's 26th birthday.
:
the continuous interest formula:
where:
A = amt after t time
r = interest rate in decimal form
t = time in years
:
enter this into your calc
A = $118,970.53
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