When your first child is born, you begin to save for college by depositing $600 per month in an account paying 13% interest per year. With a continuous stream of investment and continuous compounding, how much will you have accumulated in the account by the time your child enters college 18 years later? (Round your answer to the nearest cent.)

When your first child is born, you begin to save for college by depositing $600 per month in an account paying 13% interest per year. With a continuous stream of investment and continuous compounding, how much will you have accumulated in the account by the time your child enters college 18 years later? (Round your answer to the nearest cent.)

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter5: The Time Value Of Money

Section: Chapter Questions

Problem 33P

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