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The Bradfords need to provide $ to the college. (Round to the nearest dollar as needed.)

The Bradfords need to provide $ to the college. (Round to the nearest dollar as needed.)

Calculus: Early Transcendentals
Calculus: Early Transcendentals
8th Edition
ISBN:9781285741550
Author:James Stewart
Publisher:James Stewart
Chapter1: Functions And Models
Section: Chapter Questions
Problem 1RCC: (a) What is a function? What are its domain and range? (b) What is the graph of a function? (c) How...
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The Bradford family wants to establish an ongoing scholarship award at a college. Each year in June $6,000 will be awarded, starting one year from now. What amount must the Bradfords provide the college, assuming funds will be invested at 8% compounded continuously? ... The Bradfords need to provide $ to the college. (Round to the nearest dollar as needed.)
Transcribed Image Text:The Bradford family wants to establish an ongoing scholarship award at a college. Each year in June $6,000 will be awarded, starting one year from now. What amount must the Bradfords provide the college, assuming funds will be invested at 8% compounded continuously? ... The Bradfords need to provide $ to the college. (Round to the nearest dollar as needed.)
Expert Solution
Step 1

In the question given values are-

Rate of interest(r)=8%

Amount=$6,000

Time(t)=1 year

We need to find Principal(P)=?

Here we will use compounded continuously formula which is as-

A=Pert

 

 

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