The Proprietor of Carson Hardware Store Has Decided to Set

question 36

Short Answer

The proprietor of Carson Hardware Store has decided to set up a sinking fund for the purpose of purchasing a computer 3 yr from now. It is expected that the purchase will involve a sum of $30,000. The fund grows at the rate of where A denotes the size of the fund at any time t, r is the annual interest rate earned by the fund compounded continuously, and P is the amount (in dollars) paid into the fund by the proprietor per year (assume this is done on a frequent basis in small deposits over the year so that it is essentially continuous). If the fund earns 8% interest per year compounded continuously, determine the size of the yearly investment the proprietor should pay into the fund. Round the answer to the nearest dollar. $__________

---

Definitions:

Piaget's Procedures

Methodologies developed by Jean Piaget to study cognitive development in children, involving tasks that assess conceptual understanding and logical reasoning.

Systematic Planning

The process of organizing actions or steps in a methodical way to achieve a specific goal or objective.

Systematic Planning Ability

The capacity to develop, implement, and manage plans in an organized and methodical manner, often aimed at achieving specific objectives.

Memory Task

A task or activity designed to test or enhance the retention and recall capabilities of an individual's memory.