Question

mr. and mrs. williams hope to send their son to college in fourteen years. how much money should they invest now at an interest rate of 9.5% per year, compounded continuously, in order to be able to contribute $8500 to his education?

Answer 1

$11305

Step-by-step explanation:

Formula; Principal x Rate x Time

P; 8500 R; 9.5% T; 14

Equation; 8500 x 9.5% x 14

Final Answer; 8500 x 9.5% x 14 = $11305