17) Suppose $8500 is invested at an annual interest rate of 6.7% compounded continuously. Assume that there are no other deposits or withdrawals in this 17) a. account. b. a. What is the amount in the account after 5 years? b. How long would it take for the amount in the account to quadruple? (Round your answer to the nearest thoudandths)
17) Suppose $8500 is invested at an annual interest rate of 6.7% compounded continuously. Assume that there are no other deposits or withdrawals in this 17) a. account. b. a. What is the amount in the account after 5 years? b. How long would it take for the amount in the account to quadruple? (Round your answer to the nearest thoudandths)
Intermediate Algebra
10th Edition
ISBN:9781285195728
Author:Jerome E. Kaufmann, Karen L. Schwitters
Publisher:Jerome E. Kaufmann, Karen L. Schwitters
Chapter11: Exponential And Logarithmic Functions
Section11.2: Applications Of Exponential Functions
Problem 27PS
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