Fuentes Gardner
12/05/2023 · Primary School
Mr. and Mrs. Thompson hope to send their son to college in twelve years. How much money should they invest now at an interest rate of \( 8.5 \% \) per year, compounded continuously, in order to be able to contribute \( \$ 8000 \) to his education? Do not round any intermediate computations, and round your answer to the nearest cent.
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The initial investment should be approximately \$2884.76.
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