document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=724409>Question 724409</A>: <I><SPAN STYLE=\"word-break: break-all;\"> 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?\r<BR>\n" );
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document.write( "can anyone help me to solve it? want and need to know how to do it can someone show me please thank you. </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #443736 by </B><A HREF=/tutors/aboutme.mpl?userid=stanbon><B>stanbon(75887)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=stanbon><IMG SRC=http://www.algebra.com/images/aboutme-small.gif BORDER=0 alt=\"About Me\" VALIGN=MIDDLE></A>&nbsp;<IMG SRC=http://www.algebra.com/images/nopicture.jpg><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=443736\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> 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? <BR>\n" );
document.write( "can anyone help me to solve it? want and need to know how to do it can someone show me please thank you.<BR>\n" );
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document.write( "A(t) = P*e^(rt)<BR>\n" );
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document.write( "50,000 = P*e^(0.035*18)<BR>\n" );
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document.write( "P = 50000/1.8776 = $26,629.59<BR>\n" );
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document.write( "Cheers,<BR>\n" );
document.write( "Stan H.<BR>\n" );
document.write( "============= </SPAN>\n" );
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