An aunt wants to make a gift of $120,000.00 to their niece's for her college education on her 18th birthday. How much would have been invested on the day of their niece's birth if their investment could earn: a) 11% compounded continuously? $ (Round to 2 decimal places.) b) 11.5% compounded continuously? $ (Round to 2 decimal places.)
An aunt wants to make a gift of $120,000.00 to their niece's for her college education on her 18th birthday. How much would have been invested on the day of their niece's birth if their investment could earn: a) 11% compounded continuously? $ (Round to 2 decimal places.) b) 11.5% compounded continuously? $ (Round to 2 decimal places.)
Chapter12: Sequences, Series And Binomial Theorem
Section12.3: Geometric Sequences And Series
Problem 12.59TI: New grandparents decide to invest 3200 per month in an annuity for their grandson, The account will...
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Transcribed Image Text:An aunt wants to make a gift of $120,000.00 to their niece's for her college education on her 18th birthday.
How much would have been invested on the day of their niece's birth if their investment could earn:
a) 11% compounded continuously? $
(Round to 2 decimal places.)
b) 11.5% compounded continuously? $
(Round to 2 decimal places.)
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