Mr. and Mrs. Bailey hope to send their son to college in eleven 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 $7500 to his education?

Question

Mr. and Mrs. Bailey hope to send their son to college in eleven 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 $7500 to his education?
Do not round any intermediate computations, and round your answer to the nearest cent.

oobleck · Answer

Pe^0.09 = 7500 now just solve for P