document.write( "Question 85350: Hello! I would like to check my solution.\r
\n" ); document.write( "\n" ); document.write( "Mandy will require $11,000 in 2 years to return to college to get an MBA degree. How much money should she ask her parents for now so that, if she invests it at 9% compounded continously, will she have enough for school? Round to the nearest dollar.\r
\n" ); document.write( "\n" ); document.write( "Thank you \n" ); document.write( "
Algebra.Com's Answer #61571 by ankor@dixie-net.com(22740)\"\" \"About 
You can put this solution on YOUR website!
Mandy will require $11,000 in 2 years to return to college to get an MBA degree. How much money should she ask her parents for now so that, if she invests it at 9% compounded continously, will she have enough for school? Round to the nearest dollar.
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\n" ); document.write( "The continuous interest equation: P * e^(r*t) = A
\n" ); document.write( "Where A is the resulting amt; P = principal; r = interest rate; t = time in yrs
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\n" ); document.write( "In this problem we need to find the principal (P), A=11000, r=.09, t=2
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\n" ); document.write( "P * e^(.09*2) = 11000
\n" ); document.write( "P * e^.18 = 11000
\n" ); document.write( "P = \"11000%2F%28%28e%5E.18%29%29\"
\n" ); document.write( "on a good calc enter:
\n" ); document.write( "11000/(e^.18) = 9187.97 ~ $9188 required
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\n" ); document.write( "Check solution on a calc: enter 9188 * e^.18 = 11000.03
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