A man with $30,000 to invest decides to diversify his investments by placing $15,000 in an account that earns 4.2% compounded continuously and $15,000 in an account that earns 5.4% compounded annually. Use graphical approximation methods to determine how long it will take for his total investment in the two accounts to grow to $45,000. It will take approximately years for his total investment in the two accounts to grow to $45,000. (Type an integer or decimal rounded to one decimal place as needed.)
A man with $30,000 to invest decides to diversify his investments by placing $15,000 in an account that earns 4.2% compounded continuously and $15,000 in an account that earns 5.4% compounded annually. Use graphical approximation methods to determine how long it will take for his total investment in the two accounts to grow to $45,000. It will take approximately years for his total investment in the two accounts to grow to $45,000. (Type an integer or decimal rounded to one decimal place as needed.)
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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Transcribed Image Text:A man with $30,000 to invest decides to diversify his investments by placing $15,000 in an account that earns 4.2% compounded continuously and $15,000 in an account that earns 5.4% compounded annually. Use graphical approximation methods to determine how long it will
take for his total investment in the two accounts to grow to $45,000.
It will take approximately ☐ years for his total investment in the two accounts to grow to $45,000.
(Type an integer or decimal rounded to one decimal place as needed.)
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