Suppose that $3060 is deposited into an account where the interest is compounded annually. This situation can be modeled by the function. P(t) = 3060(1.083) where P(t) represent the value (in dollars) of the account at t years after depositing the $3060. In how many years will the money in the account Triple?
Suppose that $3060 is deposited into an account where the interest is compounded annually. This situation can be modeled by the function. P(t) = 3060(1.083) where P(t) represent the value (in dollars) of the account at t years after depositing the $3060. In how many years will the money in the account Triple?
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 $3060 is deposited into an account where the
interest is compounded annually. This situation can be
modeled by the function.
P (t) = 3060(1.083)t
where P(t) represent the value (in dollars) of the
account at t years after depositing the $3060.
In how many years will the money in the account Triple?
{your final answer just number without decimal}](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fd2dcbbdf-5332-4066-8495-26ec92cf87d7%2Ffb39ff86-3feb-4707-8e8b-9cc85a4b5b80%2Fwlcwrb_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Suppose that $3060 is deposited into an account where the
interest is compounded annually. This situation can be
modeled by the function.
P (t) = 3060(1.083)t
where P(t) represent the value (in dollars) of the
account at t years after depositing the $3060.
In how many years will the money in the account Triple?
{your final answer just number without decimal}
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