Monique is currently pregnant and wants to start a college savings for her baby. one decides that $200,000 will be sufficient for one child. Between Monique and her husband, they currently make $300,000 annually. They expect a salary increase of 4% a year. Monique puts $10,000 in a savings plan that pays 6% annual interest, compounded continuously with a promise to pay a certain percentage of their annual salary. Find the fixed percentage of their annual income to reach their desired college savings amount.
Monique is currently pregnant and wants to start a college savings for her baby. one decides that $200,000 will be sufficient for one child. Between Monique and her husband, they currently make $300,000 annually. They expect a salary increase of 4% a year. Monique puts $10,000 in a savings plan that pays 6% annual interest, compounded continuously with a promise to pay a certain percentage of their annual salary. Find the fixed percentage of their annual income to reach their desired college savings amount.
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,...
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