Concept explainers
To find: how long will it take this single payment to grow to $5000.
Answer to Problem 64RE
16 years.
Explanation of Solution
Given information: Joenita invests $1500 in a retirement account that earns 8% compounded annually.
Formula used:
Where A = final amount, P = initial principal balance, r = interest rate, n = number of times interest applied per time period, t = number of time period elapsed.
Calculation:
Since t > 15, it will take 16 years.
Chapter 1 Solutions
Calculus: Graphical, Numerical, Algebraic: Solutions Manual
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