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For the past 15 years, an employee of a large corporation has been investing in an employee sponsored educational savings plan. The employee has
For the past 15 years, an employee of a large corporation has been investing in an employee sponsored educational savings plan. The employee has invested $8,000 dollars per year. Treat the investment as a continuous stream with interest paid at a rate of 4.4% compounded continuously. (a) How much money is in the savings account today? (Round your answer to the nearest cent.) $ (b) How much money would have had to be invested 15 years ago and compounded at 4.4% compounded continuously to grow to the amount found in part (a)? (Round your answer to the nearest cent.)
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