Jack and Susan have just celebrated the birth of a daughter. They want to make a onetime deposit of money into an interest-bearing account so that their daughter will have $50,000 for college at age 18. At a rate of 3.5%, compounded continuously, how much money do they need to deposit?
1) Explain your choice of method of problem solving
2) Explain the variety of ways to solve the problem.
3) Provide your rationale for selecting the method you adopted
4) Write out a step-by-step explanation of how the problem is solved as if you were explaining it to another person
5) Clearly state the solution