Concept explainers
Suppose that $12,000 is invested in a bond fund and the account grows 10 $14,309.26 in 4 yr, (See Example 2 )
a. Use the model
b. How long will it take the investment to reach $20,000 if the rate of return continues? Round to the nearest tenth of a year.
Want to see the full answer?
Check out a sample textbook solutionChapter 4 Solutions
COLLEGE ALGEBRA - ALEKS 360
Additional Math Textbook Solutions
Calculus for Business, Economics, Life Sciences, and Social Sciences (14th Edition)
A First Course in Probability (10th Edition)
Elementary Statistics (13th Edition)
Elementary & Intermediate Algebra
Mathematics for the Trades: A Guided Approach (11th Edition) (What's New in Trade Math)
Elementary Statistics Using The Ti-83/84 Plus Calculator, Books A La Carte Edition (5th Edition)
- Jerome invests $18,000 at age 17. He hopes the investments will be worth $30,000 when he turns 26. If the interest compounds continuously, approximately what rate of growth will he need to achieve his goal? Is that a reasonable expectation?arrow_forwardAn investment account with an annual interest rateof 7 was opened with an initial deposit of 4,000 Compare the values of the account after 9 yearswhen the interest is compounded annually, quarterly,monthly, and continuously.arrow_forward
- Holt Mcdougal Larson Pre-algebra: Student Edition...AlgebraISBN:9780547587776Author:HOLT MCDOUGALPublisher:HOLT MCDOUGALGlencoe Algebra 1, Student Edition, 9780079039897...AlgebraISBN:9780079039897Author:CarterPublisher:McGraw HillCollege AlgebraAlgebraISBN:9781305115545Author:James Stewart, Lothar Redlin, Saleem WatsonPublisher:Cengage Learning