Suppose that P dollars in principal is invested in an account earning 3.9% interest compounded continuously. At the end of 4 yr, the amount in the account has earned $1603.85 in interest. Part 1 of 2 (a) Find the original principal. Round to the nearest dollar. (Hint: Use the model A =Pe" and substitute P+ 1603.85 for A.) The original principal was approximately $ 9500 Part: 1/ 2 Part 2 of 2 (b) Using the original principal from part (a) and the model A =Pe", determine the time required for the investment to reach $11,000. Round to 1 decimal place.

Suppose that P dollars in principal is invested in an account earning 3.9% interest compounded continuously. At the end of 4 yr, the amount in the account has earned $1603.85 in interest. Part 1 of 2 (a) Find the original principal. Round to the nearest dollar. (Hint: Use the model A =Pe" and substitute P+ 1603.85 for A.) The original principal was approximately $ 9500 Part: 1/ 2 Part 2 of 2 (b) Using the original principal from part (a) and the model A =Pe", determine the time required for the investment to reach $11,000. Round to 1 decimal place.

Algebra and Trigonometry (6th Edition)

6th Edition

ISBN:9780134463216

Author:Robert F. Blitzer

Publisher:Robert F. Blitzer

ChapterP: Prerequisites: Fundamental Concepts Of Algebra

Section: Chapter Questions

Problem 1MCCP: In Exercises 1-25, simplify the given expression or perform the indicated operation (and simplify,...

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Question

Suppose that P dollars in principal is invested in an account earning 3.9% interest compounded continuously. At the end of 4 yr,
the amount in the account has earned $1603.85 in interest.
Part 1 of 2
(a) Find the original principal. Round to the nearest dollar. (Hint: Use the model A =Pe" and substitute P+ 1603.85 for A.)
The original principal was approximately $ 9500
Part: 1/ 2
Part 2 of 2
(b) Using the original principal from part (a) and the model A = Pe", determine the time required for the investment to
reach $11,000. 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 $11,000.

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