Suppose that $15,000 is invested at 3% annual interest, compounded continuously. (a) How much will be in
Question:
Suppose that $15,000 is invested at 3% annual interest, compounded continuously.
(a) How much will be in the account in 5 yr if no money is withdrawn?
(b) How long, to the nearest tenth of a year, will it take for the initial principal to double?
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To solve this problem we can use the formula for continuous compound interest A P ert where A the fi...View the full answer
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Related Book For 
Intermediate Algebra
ISBN: 9780134895987
13th Edition
Authors: Margaret Lial, John Hornsby, Terry McGinnis
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