Explanation Given: The formula for amount at 5% interest when compounded monthly is given by, P = P ° ( 1 + 0.05 12 ) N , where N is the number of months. Calculation: The given condition is that the account value doubles itself. According to the given condition, 2 P ° = P ° ( 1 + 0.05 12 ) N ( 2 ) 1 N = 1 + 0.05 12 ( 2 ) 1 N = 12

3rd Edition

ISBN: 9781464125263

Author: Jon Rogawski, Colin Adams

Publisher: W.H. Freeman & Co

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Question

Chapter 1.5, Problem 12E

To determine

The time in month after which the account value doubles itself.

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Chapter 1.5, Problem 11E

Chapter 1.5, Problem 13E

Chapter 1 Solutions

Calculus - Standalone book

Ch. 1.1 - Prob. 1PQ Ch. 1.1 - Prob. 2PQ Ch. 1.1 - Prob. 3PQ Ch. 1.1 - Prob. 4PQ Ch. 1.1 - Prob. 5PQ Ch. 1.1 - Prob. 6PQ Ch. 1.1 - Prob. 7PQ Ch. 1.1 - Prob. 8PQ Ch. 1.1 - Prob. 9PQ Ch. 1.1 - Prob. 10PQ

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The time in month after which the account value doubles itself.

Solution Summary: The author calculates the number of months after which the account value doubles itself.

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The time in month after which the account value doubles itself.

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Chapter 1 Solutions