Suppose that P dollars in principal is invested in an account earning 3.4% interest compounded continuously. At the end of 5 yr, the amount in the account has earned $1760.40 in interest. Part: 0 / 2 Part 1 of 2 (a) Find the original principal. Round to the nearest dollar. (Hint: Use the model A = Pet and substitute P+1760.40 for A.) The original principal was approximately 9500 x Part: 1 / 2 Part 2 of 2 (b) Using the original principal from part (a) and the model A = Pet, determine the time required for the investment to reach $11,500. Round to 1 decimal place. Using the original principal from part (a) and the model A = Pe, it will take the investment approximately yr to reach $11,500.
Suppose that P dollars in principal is invested in an account earning 3.4% interest compounded continuously. At the end of 5 yr, the amount in the account has earned $1760.40 in interest. Part: 0 / 2 Part 1 of 2 (a) Find the original principal. Round to the nearest dollar. (Hint: Use the model A = Pet and substitute P+1760.40 for A.) The original principal was approximately 9500 x Part: 1 / 2 Part 2 of 2 (b) Using the original principal from part (a) and the model A = Pet, determine the time required for the investment to reach $11,500. Round to 1 decimal place. Using the original principal from part (a) and the model A = Pe, it will take the investment approximately yr to reach $11,500.
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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Transcribed Image Text:Suppose that P dollars in principal is invested in an account earning 3.4% interest compounded continuously. At the end of 5 yr,
the amount in the account has earned $1760.40 in interest.
Part: 0 / 2
Part 1 of 2
(a) Find the original principal. Round to the nearest dollar. (Hint: Use the model A = Pert and substitute P+1760.40 for A.)
The original principal was approximately 9500
X
Part: 1 / 2
Part 2 of 2
(b) Using the original principal from part (a) and the model A = Pet, determine the time required for the investment to
reach $11,500. Round to 1 decimal place.
Using the original principal from part (a) and the model A = Pe, it will take the investment
approximately
yr to reach $11,500.
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