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
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.)
There are no AI answers yet. The ability to request AI answers is coming soon!

Related Questions