Jerome will be buying a used car for $9 comma 0009,000 in 22 years. How much money should he ask his parents for now so that, if he invests it at 99% compounded continuouslycontinuously, he will have enough to buy the car?

Question

Jerome will be buying a used car for ​$9 comma 0009,000 in 22 years. How much money should he ask his parents for now so​ that, if he invests it at 99​% compounded continuouslycontinuously​, he will have enough to buy the​ car?

Ms. Sue · Answer

Nine million dollars for a used car? In 22 years??? Ridiculous!!

Jerome will be buying a used car for ​$9 comma 0009,000 in 22 years. How much money should he ask his parents for now so​ that, if he invests it at 99​% compounded continuouslycontinuously​, he will have enough to buy the​ car?

Jerome will be buying a used car for $9 comma 0009,000 in 22 years. How much money should he ask his parents for now so that, if he invests it at 99% compounded continuouslycontinuously, he will have enough to buy the car?