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A student wants to save $8000 for college in 5 years. How much should be put into an account that pays 5.2% annual interest compounded continuously?

A student wants to save $8000 for college in 5 years. How much should be put into an account that pays 5.2% annual interest compounded continuously?
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2 votes
A student wants to save $8000 for college in 5 years. How much should be put into an account that pays 5.2% annual interest compounded continuously?

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User Travis Castillo
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1 Answer

2 votes
If compounding annually, the student will need to put $6,208.85 into the account.
answered
User Smnirven
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