Suppose that $1,000 is invested at 6% interest compounded continuously. Use the formula A = Pert. (a) How long (to the nearest day) before the value is $1,250? years and days (b) How long (to the nearest day) before the money doubles? years and days (c) What is the interest rate (compounded continuously and rounded to the nearest tenth of a percent) if the money doubles in 5 years? %
Suppose that $1,000 is invested at 6% interest compounded continuously. Use the formula A = Pert. (a) How long (to the nearest day) before the value is $1,250? years and days (b) How long (to the nearest day) before the money doubles? years and days (c) What is the interest rate (compounded continuously and rounded to the nearest tenth of a percent) if the money doubles in 5 years? %
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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Question
Suppose that $1,000 is invested at 6% interest compounded continuously. Use the formula
A = Pert.
(a) How long (to the nearest day) before the value is $1,250?
years and days
(b) How long (to the nearest day) before the money doubles?
years and days
(c) What is the interest rate (compounded continuously and rounded to the nearest tenth of a percent) if the money doubles in 5 years?
%
years and days
(b) How long (to the nearest day) before the money doubles?
years and days
(c) What is the interest rate (compounded continuously and rounded to the nearest tenth of a percent) if the money doubles in 5 years?
%
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