(a) A bank account earns 10% interest compounded continuously. At what constant
Chapter 6, Problem 13(choose chapter or problem)
(a) A bank account earns 10% interest compounded continuously. At what constant, continuous rate must a parent deposit money into such an account in order to save $100,000 in 10 years for a childs college expenses? (b) If the parent decides instead to deposit a lump sum now in order to attain the goal of $100,000 in 10 years, how much must be deposited now?
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