For Exercises 61-70, use the model A = P e r t or A = P ( 1 + r n ) n t where A is the future value of P dollars invested at interest rate r compounded continuously or n times per year for t years. (See Example 11) 62. If a couple has $80,000 in a retirement account, how long will it take the money to grow to $1,000,000 if it grows by 6% compounded continuously? Round to the nearest year.
For Exercises 61-70, use the model A = P e r t or A = P ( 1 + r n ) n t where A is the future value of P dollars invested at interest rate r compounded continuously or n times per year for t years. (See Example 11) 62. If a couple has $80,000 in a retirement account, how long will it take the money to grow to $1,000,000 if it grows by 6% compounded continuously? Round to the nearest year.
Solution Summary: The author calculates the time at which the amount has reached 1000000 in the retirement account of couple.
For Exercises 61-70, use the model
A
=
P
e
r
t
or
A
=
P
(
1
+
r
n
)
n
t
where A is the future value of P dollars invested at interest rate r compounded continuously or n times per year for t years. (See Example 11)
62. If a couple has $80,000 in a retirement account, how long will it take the money to grow to $1,000,000 if it grows by 6% compounded continuously? Round to the nearest year.
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