Concept explainers
When an initial amount of P dollars is invested at
annual interest compounded m times per year, the value of the account
after t years is given by the equation
Write an equation that represents the value in an account that starts out with an initial investment of $10,000 and pays 6% interest compounded monthly.
Want to see the full answer?
Check out a sample textbook solutionChapter 4 Solutions
Pathways to Math Literacy (Loose Leaf)
- Find an exponential equation that passes throughthe points (0,4) and (2,9).arrow_forwardAlyssa opened a retirement account with 7.25 APRin the year 2000. Her initial deposit was 13,500. How much will the account be worth in 2025 if interest compounds monthly? How much more wouldshe make if interest compounded continuously?arrow_forwardAngela invested $15,000 in a savings account. If the interest rate is 4%, how much will be in the account in 10 years by each method of compounding? compound quarterly compound monthly compound continuouslyarrow_forward
- Hector invests $10,000 at age 21. He hopes the investments will be worth when he turns 50. If the interest compounds continuously, approximately what rate of growth Will he need to achieve his goal?arrow_forwardThe resistance of a copper wire carrying an electrical current is directly proportional to its length and inversely proportional to its cross-sectional area. A copper wire with a diameter of 0.0126inch has a resistance of 64.9ohms per thousand feet. What length of 0.0201-inch-diameter copper wire will produce a resistance of 33.5ohms?arrow_forwardAn investment account was opened with aninitial deposit of 9,600 and earns 7.4 interest,compounded continuously. How much will theaccount be worth after 15 years?arrow_forward
- Glencoe Algebra 1, Student Edition, 9780079039897...AlgebraISBN:9780079039897Author:CarterPublisher:McGraw Hill
- College Algebra (MindTap Course List)AlgebraISBN:9781305652231Author:R. David Gustafson, Jeff HughesPublisher:Cengage LearningIntermediate AlgebraAlgebraISBN:9781285195728Author:Jerome E. Kaufmann, Karen L. SchwittersPublisher:Cengage LearningAlgebra & Trigonometry with Analytic GeometryAlgebraISBN:9781133382119Author:SwokowskiPublisher:Cengage