university alumni group wants to provide a semiannual scholarship to current students. If the scholarship amount of $2,800 is awarded semiannually beginning 6 months from now, and the fund earns interest at a rate of 7% per year compounded continuously, find the amount of the endowment the alumni are required to make now.

asked by Avinash

4 years ago

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1 answer

P*e^(.07/2) = 2800

answered by oobleck

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Question

university alumni group wants to provide a semiannual scholarship to current students. If the scholarship amount of $2,800 is awarded semiannually beginning 6 months from now, and the fund earns interest at a rate of 7% per year compounded continuously, find the amount of the endowment the alumni are required to make now.

1 answer

P*e^(.07/2) = 2800

Ask a New Question or answer this question.

oobleck · Answer

P*e^(.07/2) = 2800