Suppose an individual wants to have $160,000 available for her child's education. Find the amount that would have to be invested at annual rate 7%, compounded continuously, if the number of years until college is 10 years. Round your answer to the nearest cent.
A) $73,508.13
B) $66,697.92
C) $79,453.65
D) $58,860.71
E) $89,285.62

Question

Suppose an individual wants to have $160,000 available for her child's education. Find the amount that would have to be invested at annual rate 7%, compounded continuously, if the number of years until college is 10 years. Round your answer to the nearest cent. ​
A) $73,508.13
B) $66,697.92
C) $79,453.65
D) $58,860.71
E) $89,285.62

Quizplus · Accepted Answer

The Answer of Suppose an individual wants to have $160,000 available for her child's education. Find the amount that would have to be invested at annual rate 7%, compounded continuously, if the number of years until college is 10 years. Round your answer to the nearest cent. ​
A) $73,508.13
B) $66,697.92
C) $79,453.65
D) $58,860.71
E) $89,285.62

Suppose an Individual Wants to Have $160,000 Available for Her