Following the birth of a child, a parent wants to make an initial investment Po that will grow to $50,000 for the child's

Question

Following the birth of a child, a parent wants to make an initial investment Po that will grow to $50,000 for the child's education at age 17. Interest is compounded continuously at 6%.
What should the initial investment be? Such an amount is called the present value of $50,000 due 17 years from now.
The present value is about $.
(Do not round until the final answer. Then round to two decimal places as needed.)

Kunduz · Accepted Answer

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