Dylan invested $47,000 in an account paying an interest rate of 4% compounded annually. Assuming no deposits or withdrawals are made, how long would it take, to the nearest tenth of a year, for the value of the account to reach $79,200?
Dylan invested $47,000 in an account paying an interest rate of 4% compounded annually. Assuming no deposits or withdrawals are made, how long would it take, to the nearest tenth of a year, for the value of the account to reach $79,200?
Intermediate Algebra
10th Edition
ISBN:9781285195728
Author:Jerome E. Kaufmann, Karen L. Schwitters
Publisher:Jerome E. Kaufmann, Karen L. Schwitters
Chapter11: Exponential And Logarithmic Functions
Section11.2: Applications Of Exponential Functions
Problem 27PS
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![Dylan invested $47,000 in an account paying an interest rate of 4% compounded
annually. Assuming no deposits or withdrawals are made, how long would it take, to
the nearest tenth of a year, for the value of the account to reach $79,200?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fb6218726-7602-4686-a6ad-96ffaa316768%2F87faf704-f988-46f7-a3a2-450ca7fe2398%2Fr4wdg0g_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Dylan invested $47,000 in an account paying an interest rate of 4% compounded
annually. Assuming no deposits or withdrawals are made, how long would it take, to
the nearest tenth of a year, for the value of the account to reach $79,200?
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