show all work 10. You invest $1000 at an annual interest rate of 3. 5% compounded continuously.How long will it take your money to double?Use the compounded interest formula A(t) = pert.

We can find the answer as below using the given formula

Answered: 10. You invest $1000 at an annual…

College Algebra

1st Edition

ISBN:9781938168383

Author:Jay Abramson

Publisher:Jay Abramson

Chapter6: Exponential And Logarithmic Functions

Section6.1: Exponential Functions

Problem 68SE: An investment account with an annual interest rateof 7 was opened with an initial deposit of 4,000...

See similar textbooks

Similar questions

An investment account was opened with aninitial deposit of 9,600 and earns 7.4 interest,compounded continuously. How much will theaccount be worth after 15 years?
Kyoko has 10,000 that she wants to invest. Her bankhas several investment accounts tochoose from, allcompounding daily. Her goal is to have 15,000 bythe time she finishes graduate school in 6 years. Tothe nearest hundredth of a percent, what should herminimum annual interest rate be in order to reach hergoal? (Hint: solve the compound interest formula forthe interest rate.)
An investment account with an annual interest rateof 7 was opened with an initial deposit of 4,000 Compare the values of the account after 9 yearswhen the interest is compounded annually, quarterly,monthly, and continuously.
Jerome invests $18,000 at age 17. He hopes the investments will be worth $30,000 when he turns 26. If the interest compounds continuously, approximately what rate of growth will he need to achieve his goal? Is that a reasonable expectation?
Angela invested $15,000 in a savings account. If the interest rate is 4%, how much will be in the account in 10 years by each method of compounding? compound quarterly compound monthly compound continuously
Rachel invests $15,000 at age 25. She hopes the investments will be worth when she turns 40. If the interest compounds continuously, approximately what rate of growth will she need to achieve her goal?
Allan invested $10,000 in a mutual fund. If the interest rate is 5%, how much will be in the account in 15 years by each method of compounding? compound quarterly compound monthly compound continuously
Investment problem If Landon invests 3000 in a 6-year certificate of deposit at the annual rate of 7.75, compounded daily, how much money will be in the account when it matures?

Recommended textbooks for you

College Algebra

Algebra

ISBN:

9781938168383

Author:

Jay Abramson

Publisher:

OpenStax

Glencoe Algebra 1, Student Edition, 9780079039897…

Algebra

ISBN:

9780079039897

Author:

Carter

Publisher:

McGraw Hill

Intermediate Algebra

Algebra

ISBN:

9780998625720

Author:

Lynn Marecek

Publisher:

OpenStax College

College Algebra

Algebra

ISBN:

9781938168383

Author:

Jay Abramson

Publisher:

OpenStax

Glencoe Algebra 1, Student Edition, 9780079039897…

Algebra

ISBN:

9780079039897

Author:

Carter

Publisher:

McGraw Hill

Intermediate Algebra

Algebra

ISBN:

9780998625720

Author:

Lynn Marecek

Publisher:

OpenStax College

Intermediate Algebra

Algebra

ISBN:

9781285195728

Author:

Jerome E. Kaufmann, Karen L. Schwitters

Publisher:

Cengage Learning

Algebra for College Students

Algebra

ISBN:

9781285195780

Author:

Jerome E. Kaufmann, Karen L. Schwitters

Publisher:

Cengage Learning

Algebra and Trigonometry (MindTap Course List)

Algebra

ISBN:

9781305071742

Author:

James Stewart, Lothar Redlin, Saleem Watson

Publisher:

Cengage Learning

SEE MORE TEXTBOOKS

10. You invest $1000 at an annual interest rate of 3. 5% compounded continuously. How long will it take your money to double? Use the compounded interest formula A(t) = pert.