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Trust Fund A deposit of $20,000 is made in a trust fund that pays 7% interest, compounded continuously. It is specified that the balance will be given to the college from which the donor graduated after the money has earned interest for 50 years. How much will the college receive? Step 1: State the quantities given in the problem. (If it is not given in the problem, enter DNE.) P = J 11 Step 2: Choose the appropriate compound interest formula. ու Step 3: OA = P(1+) OA = Pert Solve using the formula chosen. (Round your answer to two decimal places.) The college will receive $

Trust Fund A deposit of $20,000 is made in a trust fund that pays 7% interest, compounded continuously. It is specified that the balance will be given to the college from which the donor graduated after the money has earned interest for 50 years. How much will the college receive? Step 1: State the quantities given in the problem. (If it is not given in the problem, enter DNE.) P = J 11 Step 2: Choose the appropriate compound interest formula. ու Step 3: OA = P(1+) OA = Pert Solve using the formula chosen. (Round your answer to two decimal places.) The college will receive $

Algebra & Trigonometry with Analytic Geometry
Algebra & Trigonometry with Analytic Geometry
13th Edition
ISBN:9781133382119
Author:Swokowski
Publisher:Swokowski
Chapter5: Inverse, Exponential, And Logarithmic Functions
Section5.3: The Natural Exponential Function
Problem 40E
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Trust Fund A deposit of $20,000 is made in a trust fund that pays 7% interest, compounded continuously. It is specified that the balance will be given to the college from which the donor graduated after the money has earned interest for 50 years. How much will the college receive? Step 1: State the quantities given in the problem. (If it is not given in the problem, enter DNE.) P = J 11 Step 2: Choose the appropriate compound interest formula. ու Step 3: OA = P(1+) OA = Pert Solve using the formula chosen. (Round your answer to two decimal places.) The college will receive $
Transcribed Image Text:Trust Fund A deposit of $20,000 is made in a trust fund that pays 7% interest, compounded continuously. It is specified that the balance will be given to the college from which the donor graduated after the money has earned interest for 50 years. How much will the college receive? Step 1: State the quantities given in the problem. (If it is not given in the problem, enter DNE.) P = J 11 Step 2: Choose the appropriate compound interest formula. ու Step 3: OA = P(1+) OA = Pert Solve using the formula chosen. (Round your answer to two decimal places.) The college will receive $
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