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Answer both questions
On the day of a child's birth, a parent deposits $25,000 in a trust fund that pays 3% interest, compounded continuously. Determine the balance in this account on the child's 26th birthday. Assuming that the annual rate of inflation averages 3% over the next 10 years, the approximate costs C of goods or services during any year in that decade will be modeled by C(t) = P(1.03 y, where t is the time in years and P is the present cost. The price of an oil change for your car is presently $24.95. Estimate the price 10 years from now. Show transcribed image text
Answer both questions
On the day of a child's birth, a parent deposits $25,000 in a trust fund that pays 3% interest, compounded continuously. Determine the balance in this account on the child's 26th birthday. Assuming that the annual rate of inflation averages 3% over the next 10 years, the approximate costs C of goods or services during any year in that decade will be modeled by C(t) = P(1.03 y, where t is the time in years and P is the present cost. The price of an oil change for your car is presently $24.95. Estimate the price 10 years from now.
Show transcribed image text Casey DurganLv2
1 May 2019