document.write( "Question 1089077: Cindy will require $15,000 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 12% compounded continuously, she will have enough for school? (Round your answer to the nearest dollar.) \n" ); document.write( "
Algebra.Com's Answer #703412 by mathmate(429)\"\" \"About 
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Question:
\n" ); document.write( "Cindy will require $15,000 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 12% compounded continuously, she will have enough for school? (Round your answer to the nearest dollar.)
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\n" ); document.write( "Solution:
\n" ); document.write( "F = 15000 (Future value)
\n" ); document.write( "t = 2 (Time in years)
\n" ); document.write( "r = 0.12 (annual interest Rate)
\n" ); document.write( "P = Principal
\n" ); document.write( "
\n" ); document.write( "We have,
\n" ); document.write( "F=Pe^(rt) =>\r
\n" ); document.write( "\n" ); document.write( "P=F/e^(rt)
\n" ); document.write( "=15000/e^(0.12*2)
\n" ); document.write( "=15000/e^(0.24)
\n" ); document.write( "=11799.42
\n" ); document.write( "
\n" ); document.write( "Cindy will have to have 11799.42 (or more) to achieve her goal of accumulating $15000 in two years at 12% continuous interest.
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