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 $7,000 dollars per year. Treat the investment as a continuous stream with interest paid at a rate of 4.5% 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 4.5% compounded continuously to grow to the amount found part (a)? (Round your answer to the nearest cent.) $

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 $7,000 dollars per year. Treat the investment as a continuous stream with interest paid at a rate of 4.5% 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 4.5% compounded continuously to grow to the amount found part (a)? (Round your answer to the nearest cent.) $

Intermediate Algebra

10th Edition

ISBN:9781285195728

Author:Jerome E. Kaufmann, Karen L. Schwitters

Publisher:Jerome E. Kaufmann, Karen L. Schwitters

Chapter2: Equations, Inequalities, And Problem Solving

Section2.S: Summary

Problem 8S: What interest rate would you need to get to double an investment of 200 in eight years?

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