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 2012 Student Edition (by Finney/Demana/Waits/Kennedy)
Additional Math Textbook Solutions
Calculus for Business, Economics, Life Sciences, and Social Sciences (14th Edition)
University Calculus: Early Transcendentals (4th Edition)
Elementary Statistics (13th Edition)
College Algebra (7th Edition)
Calculus: Early Transcendentals (2nd Edition)
Pre-Algebra Student Edition
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