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(Solution) - Bart Simpson wishes to tour the country with his friends

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Bart Simpson wishes to tour the country with his friends. To do this, he is saving money for a bus.
(a) How much money must Bart deposit in a savings account paying 8% nominal annual interest, compounded continuously, in order to have $8000 in 41/2years?
(b) A friend offers to repay Bart $8000 in 41/2years if Bart gives him $5000 now. Assuming continuous compounding, what is the nominal annual interest rate of this offer?


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This question was answered on: Jul 11, 2017

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