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Answer to Question #28279 in Calculus for Megan
Question #28279
A rich uncle wants to make you a millionaire. How much money must he deposit in a trust fund paying 7% compounded continuously at the time of your birth to yield $1,000,000 when you retire at age 62?
$1,000,000=Pe^(.07x62)
Not sure how to eliminate the Pe in order to bring down the (.07x62) and eventually divide 1,000,000 by it.
$1,000,000=Pe^(.07x62)
Not sure how to eliminate the Pe in order to bring down the (.07x62) and eventually divide 1,000,000 by it.
Expert's answer
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