nt Use A = P(1+– where: n A = the amortized amount (total loan/investment amount over the life of the loan/investment) P = the initial amount of the loan/investment r = the annual rate of interest n = the number of times interest is compounded each year t = the time in years %3D Find how long it takes $700.00 to double if it is invested at 4% compounded monthly. It will take years. (Round answer to 3 decimal places.)
nt Use A = P(1+– where: n A = the amortized amount (total loan/investment amount over the life of the loan/investment) P = the initial amount of the loan/investment r = the annual rate of interest n = the number of times interest is compounded each year t = the time in years %3D Find how long it takes $700.00 to double if it is invested at 4% compounded monthly. It will take years. (Round answer to 3 decimal places.)
Calculus: Early Transcendentals
8th Edition
ISBN:9781285741550
Author:James Stewart
Publisher:James Stewart
Chapter1: Functions And Models
Section: Chapter Questions
Problem 1RCC: (a) What is a function? What are its domain and range? (b) What is the graph of a function? (c) How...
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Transcribed Image Text:nt
Use A = P(1+–
where:
A = the amortized amount (total loan/investment amount over the life
of the loan/investment)
P = the initial amount of the loan/investment
r = the annual rate of interest
n = the number of times interest is compounded each year
t = the time in years
Find how long it takes $700.00 to double if it is invested at 4%
compounded monthly.
It will take
years. (Round answer to 3 decimal places.)
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