SOLUTION: Mr. and Mrs. Hall hope to send their daughter to college in thirteen years. How much money should they invest now at an interest rate of 9% per year, compounded continuously, in or

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Question 1155406: Mr. and Mrs. Hall hope to send their daughter to college in thirteen years. How much money should they invest now at an interest rate of 9% per year, compounded continuously, in order to be able to contribute $9500 to her education?
Found 3 solutions by Boreal, MathTherapy, josgarithmetic:
Answer by Boreal(15235) About Me  (Show Source):
You can put this solution on YOUR website!
P=Poe^rt
9500=Poe^(.09*5);e^.45=1.5683 (round only at end)
so Po*1.5683=9500
Po=9500/1.5683=$6057.47, rounding only at the end.

Answer by MathTherapy(10552) About Me  (Show Source):
You can put this solution on YOUR website!

Mr. and Mrs. Hall hope to send their daughter to college in thirteen years. How much money should they invest now at an interest rate of 9% per year, compounded continuously, in order to be able to contribute $9500 to her education?
I don't know where the other person got 5 years from, but the correct answer is: highlight_green%28%22%242%2C948.49%22%29

Answer by josgarithmetic(39618) About Me  (Show Source):
You can put this solution on YOUR website!
y=pe%5E%28rx%29

y=9500
r=0.09
x=13

p=y%2Fe%5E%28rx%29

p=9500%2F%28e%5E%280.09%2A13%29%29

p=2948--------if to nearest whole dollar