Mr. and Mrs. Bailey need to invest $2906.50 so as to send their son to college.
<h3>
Compound interest</h3>
Compound interest is given by:

where A is the amount after t years, P is initial amount, r is the rate and n is the times compounded per period
Given that n = 1, r = 9% = 0.09, A = $7500 t = 11. Hence:

Mr. and Mrs. Bailey need to invest $2906.50 so as to send their son to college.
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Answer:
i dont know tbh
Step-by-step explanation:
good luck
Answer:
Step-by-step explanation:
I am on the same question
Let

where we assume |r| < 1. Multiplying on both sides by r gives

and subtracting this from
gives

As n → ∞, the exponential term will converge to 0, and the partial sums
will converge to

Now, we're given


We must have |r| < 1 since both sums converge, so


Solving for r by substitution, we have


Recalling the difference of squares identity, we have

We've already confirmed r ≠ 1, so we can simplify this to

It follows that

and so the sum we want is

which doesn't appear to be either of the given answer choices. Are you sure there isn't a typo somewhere?