A sum of $6,000 is invested at an interest rate of 6% per year. Find the time required for the money to double if the interest is compounded: (round to 2 decimal places) (a) daily Number years (b) monthly Number years (c) quarterly Number years (d) semi-annually

College Algebra (MindTap Course List)
12th Edition
ISBN:9781305652231
Author:R. David Gustafson, Jeff Hughes
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Chapter8: Sequences, Series, And Probability
Section8.4: Geometric Sequences And Series
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A sum of $6,000 is invested at an interest rate of 6% per year. Find the time required for the money to double if the interest is compounded:
(round to 2 decimal places)
(a) daily
Number
years
(b) monthly
Number
years
(c) quarterly
Number
years
(d) semi-annually
Number
years
(e) continuously.
Number
years
Transcribed Image Text:A sum of $6,000 is invested at an interest rate of 6% per year. Find the time required for the money to double if the interest is compounded: (round to 2 decimal places) (a) daily Number years (b) monthly Number years (c) quarterly Number years (d) semi-annually Number years (e) continuously. Number years
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