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%
1 answer:
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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