12) Use the model A = Pert, where A is the future value of P dollar invested at interest rater compounded continuously or n times per year for t years. If $9,000 is invested in an account earning 5.5% interest compounded continuously, determine how long it will take the money to double. Round up to the nearest year.
12) Use the model A = Pert, where A is the future value of P dollar invested at interest rater compounded continuously or n times per year for t years. If $9,000 is invested in an account earning 5.5% interest compounded continuously, determine how long it will take the money to double. Round up to the nearest year.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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![12) Use the model A = Pert, where A is the future value of P dollar invested
at interest rater compounded continuously or n times per year for t years.
If $9,000 is invested in an account earning 5.5% interest compounded continuously, determine
how long it will take the money to double. Round up to the nearest year.
%3D](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F8c1f82d6-07f5-4b1c-aadb-2c7b7ee6881c%2Fe54f0b77-6de2-488b-be7b-7e2a880a283c%2Fptm06sp_processed.jpeg&w=3840&q=75)
Transcribed Image Text:12) Use the model A = Pert, where A is the future value of P dollar invested
at interest rater compounded continuously or n times per year for t years.
If $9,000 is invested in an account earning 5.5% interest compounded continuously, determine
how long it will take the money to double. Round up to the nearest year.
%3D
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