SOLUTION: On the day of a child's birth, a deposit of $40,000 is made in a trust fund that pays 5% interest, compounded continuously. Determine the balance in this account on the child's 24t
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Question 732279: On the day of a child's birth, a deposit of $40,000 is made in a trust fund that pays 5% interest, compounded continuously. Determine the balance in this account on the child's 24th birthday. Round your answer to two decimal places.) Answer by Alan3354(69443) (Show Source):
You can put this solution on YOUR website! On the day of a child's birth, a deposit of $40,000 is made in a trust fund that pays 5% interest, compounded continuously. Determine the balance in this account on the child's 24th birthday.
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FV = 40000*e^rt
=
=~ $132804.68
