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Mr. and Mrs. Turner hope to send their daughter to college in thirteen years. How much money should they invest now at an interest rate of 8% per year, compounded continuously, in order to be able to contribute 9000 to her education?

Solution

Solution

Principal : 3181.09

Solution steps

Translate the problem into an equation:

9000 = P e^{0.08 \cdot 13}

Solve for

P, 9000 = P e^{0.08 \cdot 13} : P = 3181.09

Principal : 3181.09

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