An investment grows according to the formula B = 6000 x 1.0065 dollars, where t is time, measured in months. In parts (b) and (c), round your answer to the ne (a) What was the initial balance of the investment? $ 6000 (b) How many months does it take for the balance to double? 107 months (c) How many more months does it take for the balance to double again? months
An investment grows according to the formula B = 6000 x 1.0065 dollars, where t is time, measured in months. In parts (b) and (c), round your answer to the ne (a) What was the initial balance of the investment? $ 6000 (b) How many months does it take for the balance to double? 107 months (c) How many more months does it take for the balance to double again? months
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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![**Investment Growth Problem**
An investment grows according to the formula:
\[ B = 6000 \times 1.0065^t \] dollars,
where \( t \) is time, measured in months. In parts (b) and (c), round your answer to the nearest whole month.
(a) What was the initial balance of the investment?
- **Answer:** $6000
(b) How many months does it take for the balance to double?
- **Answer:** 107 months
(c) How many more months does it take for the balance to double again?
- **Answer:** (Blank space for response)
**Explanation:**
This formula models exponential growth of an investment with an initial amount of $6000, growing at a rate defined by the factor 1.0065 per month. The problem asks for analysis of time periods for doubling the investment.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fc49c9615-4f22-4f84-a617-639a09f12ba4%2Fa684d81c-5b6c-4e4d-aed4-e1a39cd0291d%2Fwq2t7x7_processed.jpeg&w=3840&q=75)
Transcribed Image Text:**Investment Growth Problem**
An investment grows according to the formula:
\[ B = 6000 \times 1.0065^t \] dollars,
where \( t \) is time, measured in months. In parts (b) and (c), round your answer to the nearest whole month.
(a) What was the initial balance of the investment?
- **Answer:** $6000
(b) How many months does it take for the balance to double?
- **Answer:** 107 months
(c) How many more months does it take for the balance to double again?
- **Answer:** (Blank space for response)
**Explanation:**
This formula models exponential growth of an investment with an initial amount of $6000, growing at a rate defined by the factor 1.0065 per month. The problem asks for analysis of time periods for doubling the investment.
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