The Proprietor of Carson Hardware Store Has Decided to Set

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. $__________