The future value S of an investment earning 6% compounded continuously is a function of the principal P and the length of time t that the principal has been invested. It is given by S = f(P, t) = P₂0.06t Find f(3500, 20). (Round your answer to the nearest cent.) $ Interpret your answer. If $3500 was invested initially, this is the amount (in dollars) that would be in the account after 20 years. If $20 was invested initially, this is the amount (in dollars) that you would need to deposit each year so that the account earns $3500 in interest over a period of 6 years. ○ If $20 was invested initially, this is the amount (in dollars) that you would need to deposit each year so that the account reaches $3500 in 6 years. If $3500 was invested initially, this is the amount of interest (in dollars) that the account would earn over a 20-year period.
The future value S of an investment earning 6% compounded continuously is a function of the principal P and the length of time t that the principal has been invested. It is given by S = f(P, t) = P₂0.06t Find f(3500, 20). (Round your answer to the nearest cent.) $ Interpret your answer. If $3500 was invested initially, this is the amount (in dollars) that would be in the account after 20 years. If $20 was invested initially, this is the amount (in dollars) that you would need to deposit each year so that the account earns $3500 in interest over a period of 6 years. ○ If $20 was invested initially, this is the amount (in dollars) that you would need to deposit each year so that the account reaches $3500 in 6 years. If $3500 was invested initially, this is the amount of interest (in dollars) that the account would earn over a 20-year period.
Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
18th Edition
ISBN:9780079039897
Author:Carter
Publisher:Carter
Chapter9: Quadratic Functions And Equations
Section9.9: Combining Functions
Problem 2AGP
Related questions
Question
![The future value S of an investment earning 6% compounded continuously is a function of the principal P and the length of time t that the principal has been invested. It is given by
S = f(P, t) = P₂0.06t
Find f(3500, 20). (Round your answer to the nearest cent.)
$
Interpret your answer.
If $3500 was invested initially, this is the amount (in dollars) that would be in the account after 20 years.
If $20 was invested initially, this is the amount (in dollars) that you would need to deposit each year so that the account earns $3500 in interest over a period of 6 years.
If $20 was invested initially, this is the amount (in dollars) that you would need to deposit each year so that the account reaches $3500 in 6 years.
If $3500 was invested initially, this is the amount of interest (in dollars) that the account would earn over a 20-year period.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fa8747d92-b055-4562-9504-cd72cffb1b1f%2F3499f146-08d1-40b1-a7ad-6fb042eaa8c3%2Fr2d2gr5_processed.png&w=3840&q=75)
Transcribed Image Text:The future value S of an investment earning 6% compounded continuously is a function of the principal P and the length of time t that the principal has been invested. It is given by
S = f(P, t) = P₂0.06t
Find f(3500, 20). (Round your answer to the nearest cent.)
$
Interpret your answer.
If $3500 was invested initially, this is the amount (in dollars) that would be in the account after 20 years.
If $20 was invested initially, this is the amount (in dollars) that you would need to deposit each year so that the account earns $3500 in interest over a period of 6 years.
If $20 was invested initially, this is the amount (in dollars) that you would need to deposit each year so that the account reaches $3500 in 6 years.
If $3500 was invested initially, this is the amount of interest (in dollars) that the account would earn over a 20-year period.
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