Question:

Mr. and Mrs. Evans hope to send their daughter to college

Last updated: 8/11/2022

Mr. and Mrs. Evans hope to send their daughter to college

Mr. and Mrs. Evans hope to send their daughter to college in thirteen years. How much money should they invest now at an interest rate of 8% per year, compounded continuously, in order to be able to contribute $8000 to her education? Do not round any intermediate computations, and round your answer to the nearest cent.