3. A university invests $100,000 into an account that pays a 4.75% annual rate compounded continuously. Using the formula A=Pert, where A=the amount in the account after t years, P=principal invested, and r=the annual interest rate, how many years, to the nearest tenth, will it take for the university's investment to double? b) to triple? c) to quadruple?

College Algebra
7th Edition
ISBN:9781305115545
Author:James Stewart, Lothar Redlin, Saleem Watson
Publisher:James Stewart, Lothar Redlin, Saleem Watson
Chapter4: Exponential And Logarithmic Functions
Section4.2: The Natural Exponential Function
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2A.5.3 Please refer to the attached image for my question!

3. A university invests $100,000 into an account that pays a 4.75% annual rate compounded continuously. Using the formula A=Pet,
where A=the amount in the account after t years, P=principal invested, and r=the annual interest rate, how many years, to
the nearest tenth, will it take for the university's investment to double?
b) to triple?
c) to quadruple?
Transcribed Image Text:3. A university invests $100,000 into an account that pays a 4.75% annual rate compounded continuously. Using the formula A=Pet, where A=the amount in the account after t years, P=principal invested, and r=the annual interest rate, how many years, to the nearest tenth, will it take for the university's investment to double? b) to triple? c) to quadruple?
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