To help their son buy a car on his 16th birthday, a boy's parents invest $7700 on his 10th birthday. If the investment pays 9% compounded continuously, how much is available on his 16th birthday? (Round your answer to the nearest cent.)

Calculus For The Life Sciences
2nd Edition
ISBN:9780321964038
Author:GREENWELL, Raymond N., RITCHEY, Nathan P., Lial, Margaret L.
Publisher:GREENWELL, Raymond N., RITCHEY, Nathan P., Lial, Margaret L.
Chapter2: Exponential, Logarithmic, And Trigonometric Functions
Section2.1: Exponential Functions
Problem 53E: Interest Ron Hampton needs to choose between two investments: One pays 6% compounded annually, and...
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To help their son buy a car on his 16th birthday, a boy's parents invest $7700 on his 10th birthday. If the investment pays 9% compounded continuously, how much is available on his 16th birthday? (Round your answer to the nearest cent.)
Transcribed Image Text:To help their son buy a car on his 16th birthday, a boy's parents invest $7700 on his 10th birthday. If the investment pays 9% compounded continuously, how much is available on his 16th birthday? (Round your answer to the nearest cent.)
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