Question:

Following the birth of a child, a parent wants to make an initial investment P, that will grow to $40,000 for the child's educat

Following the birth of a child, a parent wants to make an initial investment P, that will grow to $40,000 for the
child's education at age 19. Interest is compounded continuously at 5%.
What should the initial investment be? Such an amount is called the present value of $40,000 due 19 years from
now.
The present value is about $
(Do not round until the final answer. Then round to two decimal places as needed.)

Following the birth of a child, a parent wants to make an initial investment P, that will grow to $40,000 for the child's education at age 19. Interest is compounded continuously at 5%. What should the initial investment be? Such an amount is called the present value of $40,000 due 19 years from now. The present value is about $ (Do not round until the final answer. Then round to two decimal places as needed.)

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