A deposit of $4,000 is made in a college savings fund that pays 5.0% interest, compounded continuously. The balance wil be given to a student after the money has earned interest for 20 years. How much will the student receive? (Round your answer to the nearest cent.)

Algebra and Trigonometry (6th Edition)
6th Edition
ISBN:9780134463216
Author:Robert F. Blitzer
Publisher:Robert F. Blitzer
ChapterP: Prerequisites: Fundamental Concepts Of Algebra
Section: Chapter Questions
Problem 1MCCP: In Exercises 1-25, simplify the given expression or perform the indicated operation (and simplify,...
icon
Related questions
Question
100%
A deposit of $4,000 is made in a college savings fund that pays 5.0% interest, compounded continuously. The balance wil be given to a student after the money has earned interest for 20 years. How much will the student receive? (Round your answer to the nearest cent.)
A deposit of $4,000 is made in a college savings fund that pays 5.0% interest, compounded continuously. The balance will
be given to a student after the money has earned interest for 20 years. How much will the student receive? (Round your
answer to the nearest cent.)
$
Transcribed Image Text:A deposit of $4,000 is made in a college savings fund that pays 5.0% interest, compounded continuously. The balance will be given to a student after the money has earned interest for 20 years. How much will the student receive? (Round your answer to the nearest cent.) $
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

Blurred answer
Recommended textbooks for you
Algebra and Trigonometry (6th Edition)
Algebra and Trigonometry (6th Edition)
Algebra
ISBN:
9780134463216
Author:
Robert F. Blitzer
Publisher:
PEARSON
Contemporary Abstract Algebra
Contemporary Abstract Algebra
Algebra
ISBN:
9781305657960
Author:
Joseph Gallian
Publisher:
Cengage Learning
Linear Algebra: A Modern Introduction
Linear Algebra: A Modern Introduction
Algebra
ISBN:
9781285463247
Author:
David Poole
Publisher:
Cengage Learning
Algebra And Trigonometry (11th Edition)
Algebra And Trigonometry (11th Edition)
Algebra
ISBN:
9780135163078
Author:
Michael Sullivan
Publisher:
PEARSON
Introduction to Linear Algebra, Fifth Edition
Introduction to Linear Algebra, Fifth Edition
Algebra
ISBN:
9780980232776
Author:
Gilbert Strang
Publisher:
Wellesley-Cambridge Press
College Algebra (Collegiate Math)
College Algebra (Collegiate Math)
Algebra
ISBN:
9780077836344
Author:
Julie Miller, Donna Gerken
Publisher:
McGraw-Hill Education