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Your math professor has decided to retire and return to his jetsetting life style. He wishes to establish a fund from which he can withdraw 4,000 dollars per month for the next 40 years. If the fund earns 9 percent per year compounded continuously, how much money does he need now to establish the fund? O 48,000 0.09 O -(e³.6 - 1) 12 * 40 0.09 O 48,000 0.09 (1 - e-3.6) -(1-e-3.6) 12*40 0.09 -(e³.6-1) 48,000 0.09 -(e³.6+1)

Your math professor has decided to retire and return to his jetsetting life style. He wishes to establish a fund from which he can withdraw 4,000 dollars per month for the next 40 years. If the fund earns 9 percent per year compounded continuously, how much money does he need now to establish the fund? O 48,000 0.09 O -(e³.6 - 1) 12 * 40 0.09 O 48,000 0.09 (1 - e-3.6) -(1-e-3.6) 12*40 0.09 -(e³.6-1) 48,000 0.09 -(e³.6+1)

Intermediate Algebra
Intermediate Algebra
10th Edition
ISBN:9781285195728
Author:Jerome E. Kaufmann, Karen L. Schwitters
Publisher:Jerome E. Kaufmann, Karen L. Schwitters
Chapter11: Exponential And Logarithmic Functions
Section11.2: Applications Of Exponential Functions
Problem 27PS
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Your math professor has decided to retire and return to his jetsetting life style. He wishes to establish a fund from which he can withdraw 4,000 dollars per month for the next 40 years. If the fund earns 9 percent per year compounded continuously, how much money does he need now to establish the fund? O 48,000 0.09 O 12 * 40 0.09 O 48,000 0.09 O 12*40 0.09 (e³.6 - 1) O 48,000 0.09 (1 — e-3.6) (1 - e-3.6) (e³.6 — 1) (e³.6 + 1)
Transcribed Image Text:Your math professor has decided to retire and return to his jetsetting life style. He wishes to establish a fund from which he can withdraw 4,000 dollars per month for the next 40 years. If the fund earns 9 percent per year compounded continuously, how much money does he need now to establish the fund? O 48,000 0.09 O 12 * 40 0.09 O 48,000 0.09 O 12*40 0.09 (e³.6 - 1) O 48,000 0.09 (1 — e-3.6) (1 - e-3.6) (e³.6 — 1) (e³.6 + 1)
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