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How much must be deposited now

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Question: (a) A bank account earns 10% interest compounded continuously. At what (constant, continuous) rate must a parent deposit money into such an account in order to save $100,000 in 10 years for a child's college expenses?

(b) If the parent decides instead to deposit a lump sum now in order to attain the goal of $100,000 in 10 years, how much must be deposited now?

Reference no: EM131607258

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