Logan is going to invest in an account paying an interest rate of 3.1% compounded continuously. How much would Logan need to invest, to the nearest ten dollars, for the value of the account to reach $990 in 6 years?
Logan is going to invest in an account paying an interest rate of 3.1% compounded continuously. How much would Logan need to invest, to the nearest ten dollars, for the value of the account to reach $990 in 6 years?
Algebra for College Students
10th Edition
ISBN:9781285195780
Author:Jerome E. Kaufmann, Karen L. Schwitters
Publisher:Jerome E. Kaufmann, Karen L. Schwitters
Chapter10: Exponential And Logarithmic Functions
Section10.2: Applications Of Exponential Functions
Problem 25PS
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Logan is going to invest in an account paying an interest rate of 3.1% compounded continuously. How much would Logan need to invest, to the nearest ten dollars, for the value of the account to reach $990 in 6 years?
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