In 2012 TabaSue had a $500 savings bond that had reached maturity and she invested $5,500 in a savings account that paid 5.4% interest compounded annually. The formula that can be used to represent the growth of TabaSue's savings can be modeled by A(t)=500+5500(1.054)tA(t)=500+5500(1.054)t where A(t)A(t) is the accrued value of the investments tt years after 2012. Use this information to answer the following: Determine the accrued value of TabaSue's investments in the year 2023. Round your answers to two decimal places.In the year 2023, the accrued value of TabaSue's investments will be $. Determine in what year TabaSue's investments will reach an accrued value of $13,947.86. Round your answer to the nearest year.TabaSue's investment will reach $13,947.86 in the year
In 2012 TabaSue had a $500 savings bond that had reached maturity and she invested $5,500 in a savings account that paid 5.4% interest compounded annually. The formula that can be used to represent the growth of TabaSue's savings can be modeled by A(t)=500+5500(1.054)tA(t)=500+5500(1.054)t where A(t)A(t) is the accrued value of the investments tt years after 2012. Use this information to answer the following: Determine the accrued value of TabaSue's investments in the year 2023. Round your answers to two decimal places.In the year 2023, the accrued value of TabaSue's investments will be $. Determine in what year TabaSue's investments will reach an accrued value of $13,947.86. Round your answer to the nearest year.TabaSue's investment will reach $13,947.86 in the year
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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| In 2012 TabaSue had a $500 savings bond that had reached maturity and she invested $5,500 in a savings account that paid 5.4% interest compounded annually. The formula that can be used to represent the growth of TabaSue's savings can be modeled by A(t)=500+5500(1.054)tA(t)=500+5500(1.054)t where A(t)A(t) is the accrued value of the investments tt years after 2012. Use this information to answer the following: |
| Determine the accrued value of TabaSue's investments in the year 2023. Round your answers to two decimal places. In the year 2023, the accrued value of TabaSue's investments will be $. |
| Determine in what year TabaSue's investments will reach an accrued value of $13,947.86. Round your answer to the nearest year. TabaSue's investment will reach $13,947.86 in the year |
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