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Suppose that $13,000 is invested in a bond fund and the account grows to $14,297.16 in 3 yr. Part: 0/2 Part 1 of 2

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Suppose that $13,000 is invested in a bond fund and the account grows to $14,297.16 in 3 yr. Part: 0/2 Part 1 of 2 (a) Use the model A-Pe" to determine the average rate of return under continuous compounding. Round to the nearest tenth of a percent. Avoid rounding in intermediate steps. The average rate of return under continuous compounding is approximately %. 5 Part: 1/2 Part 2 of 2 (b) How long will it take the investment to reach $20,000 if the rate of return continues? Round to the nearest tenth of a year. Round values in intermediate steps to three decimal places. $20.000 if the rate of return continues.

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