Investment Problems An investment of P dollars is deposited in a savings account that is compounded monthly with an annual interest rate of r , where r is expressed as a decimal. The amount of money A in the account after t years is given by A = P ( 1 + r / 12 ) 12 t . Use this equation to complete the following exercises. 63. Determine the time it takes an investment of $1000 to increase to $1100 dollars if it is placed in an account that is compounded monthly with an annual interest rate of 1%( r = 0.01).
Investment Problems An investment of P dollars is deposited in a savings account that is compounded monthly with an annual interest rate of r , where r is expressed as a decimal. The amount of money A in the account after t years is given by A = P ( 1 + r / 12 ) 12 t . Use this equation to complete the following exercises. 63. Determine the time it takes an investment of $1000 to increase to $1100 dollars if it is placed in an account that is compounded monthly with an annual interest rate of 1%( r = 0.01).
Investment Problems An investment of P dollars is deposited in a savings account that is compounded monthly with an annual interest rate of r, where r is expressed as a decimal. The amount of money A in the account after t years is given by
A
=
P
(
1
+
r
/
12
)
12
t
. Use this equation to complete the following exercises.
63. Determine the time it takes an investment of $1000 to increase to $1100 dollars if it is placed in an account that is compounded monthly with an annual interest rate of 1%(r = 0.01).
The value V of a bank account in which $450 is invested at 9.00% interest, compounded annually is given by the equation below where t is the time in years. Find the value of the account after 5 years.
V= 450(1.0900)
The value of the account after 5 years is about $
(Round to the nearest cent as needed.)
Calculus for Business, Economics, Life Sciences, and Social Sciences (14th Edition)
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, calculus and related others by exploring similar questions and additional content below.
01 - What Is A Differential Equation in Calculus? Learn to Solve Ordinary Differential Equations.; Author: Math and Science;https://www.youtube.com/watch?v=K80YEHQpx9g;License: Standard YouTube License, CC-BY
Higher Order Differential Equation with constant coefficient (GATE) (Part 1) l GATE 2018; Author: GATE Lectures by Dishank;https://www.youtube.com/watch?v=ODxP7BbqAjA;License: Standard YouTube License, CC-BY