Assume an investor has an initial sum of $13,000 for a future college fund. She invests...
Assume an investor has an initial sum of $13,000 for a future college fund. She invests at an interest rate = 6% for 18 years. If interest is compounded continually then how much will she have at the end of 18 years?
Homework Answers
Future value = Present value er*t
Future value = 13,000 e0.06*18
Future value = 13,000 e1.08
Future value = 13,000 * 2.94468
Future value = $38,280.83
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