Question
Please help with questions 34-44 Transcribed image text Solve the following word problems. 34) How long would it take money to triple in an account
Please help with questions 34-44 Transcribed image text
Solve the following word problems. 34) How long would it take money to triple in an account with a one-time deposit earning 9% interest compounded two times per year? A) 12.7 years B) 6.4 years C) 3 years D) 12.5 years 3S) What is the account balance of an investment of $7,500 after 25 years in an account earning 8% interest compounded continuously? A) $187,500 B) $55,417.92 C) $51,363.56 D) $43,863.56 36) How long would it take an account with an average interest rate of 6% continuously compounded, to reach $100,000 given the initial investment Of $12,000? A) 8.3 years B) 10 years C) 35.3 years D) 36.4 years 37) What is the interest rate on an account valued at that compounds continuously and had an initial investment Of $16" for 35 years? Hint: Change decimal to percent then round to the nearest tenth. A) 11.0% B) 12.0% C) 10.5% D) 11.8%
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