Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

A deposit of $6,000 is made in a college savings fund that pays 6.5% interest, compounded continuously. The balance will be given to a student

image text in transcribed
image text in transcribed
A deposit of $6,000 is made in a college savings fund that pays 6.5% interest, compounded continuously. The balance will be given to a student after the money has earned interest for 20 years. How much (in dollars) will the student receive? (Round your answer to the nearest cent.)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Prealgebra & Algebra (subscription)

Authors: Elayn Martin Gay

5th Edition

0134708601, 9780134708607

More Books

Students also viewed these Mathematics questions

Question

Define multicollinearity in regression.

Answered: 1 week ago

Question

3. If possible, break the presentation into clear steps or stages.

Answered: 1 week ago

Question

8. What are the costs of collecting the information?

Answered: 1 week ago

Question

1. Build trust and share information with others.

Answered: 1 week ago