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6.8 23 & 24

6.8 23 & 24

Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
18th Edition
ISBN:9780079039897
Author:Carter
Publisher:Carter
Chapter7: Exponents And Exponential Functions
Section7.7: Writing Exponential Functions
Problem 8CYU
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6.8 23 & 24

You currently have $7,500 (Present Value) in an account that has an interest rate of 4% per year compounded continuously. You want to withdraw all your money when it reaches $15,750 (Future Value). In how many years will you be able to withdraw all your money? The number of years is Round your answer to 1 decimal place.
Transcribed Image Text:You currently have $7,500 (Present Value) in an account that has an interest rate of 4% per year compounded continuously. You want to withdraw all your money when it reaches $15,750 (Future Value). In how many years will you be able to withdraw all your money? The number of years is Round your answer to 1 decimal place.
Find how much money needs to be deposited now into an account to obtain $6,000 (Future Value) in 6 years if the interest rate is 5% per year compounded continuously. The final amount is $ Round your answer to 2 decimal places
Transcribed Image Text:Find how much money needs to be deposited now into an account to obtain $6,000 (Future Value) in 6 years if the interest rate is 5% per year compounded continuously. The final amount is $ Round your answer to 2 decimal places
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