Loni is saving up money for a down payment on a condominium. She currently has $5418, but knows she can get a loan at a lower interest rate if she can put down $5997. If she invests the $5418 in an account that earns 3.8% annually, compounded continuously, how long will it take Loni to accumulate the $5997? Round your answer to two decimal places, if necessary.

College Algebra
1st Edition
ISBN:9781938168383
Author:Jay Abramson
Publisher:Jay Abramson
Chapter6: Exponential And Logarithmic Functions
Section: Chapter Questions
Problem 6RE: Hsu-Mei wants to save 5,000 for a down paymenton a car. To the nearest dollar, how much will sheneed...
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Loni is saving up money for a down payment on a condominium. She currently has $5418, but knows she can get a loan at a lower
interest rate if she can put down $5997. If she invests the $5418 in an account that earns 3.8% annually, compounded continuously,
how long will it take Loni to accumulate the $5997? Round your answer to two decimal places, if necessary.
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Transcribed Image Text:Question 3 of 13, Step 1 of 1 2/13 Correct Loni is saving up money for a down payment on a condominium. She currently has $5418, but knows she can get a loan at a lower interest rate if she can put down $5997. If she invests the $5418 in an account that earns 3.8% annually, compounded continuously, how long will it take Loni to accumulate the $5997? Round your answer to two decimal places, if necessary. Answer How to enter your answer (opens in new window) years Keypad Keyboard Shortcuts Submit Answer 3 12:52 AM
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