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Karolina [17]
3 years ago
8

The rein family needs to have 35,000 available in 18 years when their son is ready for college if they have decided to invest in

a mutual fund that compounds interest continuously at 5.2%
Mathematics
1 answer:
devlian [24]3 years ago
6 0

Answer:

$14053.51

Step-by-step explanation:

Since the money is to compound continuously,

Amount at Compound Interest=P(1+r)ⁿ

Amount=$35,000

r=5.2%=0.052

n=18 years

Substituting in the above formula

35000=P(1+0.052)¹⁸

35000=P(1.052)¹⁸

We divide both sides by (1.052)¹⁸ to solve for P.

P=35000÷(1.052)¹⁸

=$14053.51

The Rein Family needs to invest $14053.51 now in order to reach their goal.

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