Solve this application using logarithms.

At his son's birth, a man invested $2,000 in savings at 6% for his son's college education. Approximately how much, to the nearest dollar, will be available in 19 years?

≈ $

Because of inflation, money is depreciating in real value. If the rate of inflation is 8% a year, what is the current real value, to the nearest dollar, from the preceding problem above? After 19 years, did the father and son have more or less money, as measured by current real value, than they did at the son's birth?

real value ≈ $

Question

Solve this application using logarithms.

At his son's birth, a man invested $2,000 in savings at 6% for his son's college education. Approximately how much, to the nearest dollar, will be available in 19 years?

≈ $

Because of inflation, money is depreciating in real value. If the rate of inflation is 8% a year, what is the current real value, to the nearest dollar, from the preceding problem above? After 19 years, did the father and son have more or less money, as measured by current real value, than they did at the son's birth?

real value ≈ $