Mr. and Mrs. Robinson hope to send their daughter to college in eleven years. How much money should they invest now at an interest rate of $8%$ per year, compounded continuously, in order to be able to contribute $$8500$ to her education? Do not round any intermediate computations, and round your answer to the nearest cent.

Question

Mr. and Mrs. Robinson hope to send their daughter to college in eleven years. How much money should they invest now at an interest rate of

8%

per year, compounded continuously, in order to be able to contribute

$8500

to her education? Do not round any intermediate computations, and round your answer to the nearest cent.

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