Continuously Compounding Interest : Goal Problem
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The parents of a newborn child want to have $60,000 for the child's college education 17 years from now. At what rate of interest compounded continuously (to three decimal places) must a grandparent's gift of $20,000 be invested now to achieve this goal?
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Solution Summary
Interest required to reach an investment goal is calculated. The solution is detailed and well presented.
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