VA family has $16,000 saved for college tuiton. They will'need $l04,000 for college expenses five years from now. If they place their money in an account with continuous compounding, what annual rate must they find to assure them of the needed $ L014,000?
VA family has $16,000 saved for college tuiton. They will'need $l04,000 for college expenses five years from now. If they place their money in an account with continuous compounding, what annual rate must they find to assure them of the needed $ L014,000?
please help with this question, please answer all subparts if there is any, thanks for the help.
Transcribed Image Text:10 A family has $116,000 saved for college tuithon.
They will'need $64,000 for c0Ilege expenses five
years from now. It they place their money in
an account with continudus Compounding, what
annual rate must they find to assure them of
the needed $L04,000?
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