Asked by Angie
On the day of a child's birth, a deposit of $30,000 is made in a trust fund that pays 3% interest, compounded continuously. Determine the balance in this account on the child's 30th birthday. (Round your answer to two decimal places.)
Answers
Answered by
Damon
e^rt = e^(.03*30) = e^.9 = 2.4596
times 30,000 = $ 73,788.09
times 30,000 = $ 73,788.09
Answered by
Angie
Thank you :)
Answered by
Damon
You are welcome :)
Answered by
lucas
At the birth of a baby, a couple decides to make an initial investment of C at the rate of 7% compounded annually so that the amount will grow to $30,000 by her 10th birthday. What should their initial investment be? Round to the nearest dollars.
Answered by
Jessica
On the day of a child's birth, a parent deposits $25,000 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.)
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