College Savings

  • College Savings


    PoW ID: 1878

    Functions and Trigonometry, Calculus, High School, Trigonometry/Calculus Library, Trigonometry/Calculus

    Problem Print

    SavingsWhen Marta was born, her grandparents started a college savings fund for her by investing $15,000 in a savings account that compounds continuously. When Marta finished eighth grade at age thirteen, the account held $71,382.32.

    How much will the account hold when Marta graduates at age eighteen? What will the account's instantaneous rate of change be then?

    Extra

    Extra: If Marta gets a scholarship to a four-year college, her grandparents will give her the savings account when she completes her degree. How much would be in the account at that time? What would the instantaneous rate of change be?

    Answer Check

    Show Answer

    The account would hold $130,067.06 when Marta graduates at eighteen. The instantaneous rate of change would be $15,608.05 / year.


    Extra
    : The account would hold $210,198.05 and the instantaneous rate of change would be $25,223.77 / year