3. The balance after t years on an investment of $1000 with interest rate r is B(t) = 1000et. Answer the following questions expressing your answers in terms of logarithms. (i) If the balance is $1500 after 2 years what is r? ( ( l (ii) How long does it take for the investment to double? (Use the r you obtained in part (ii).

3. The balance after t years on an investment of $1000 with interest rate r is B(t) = 1000et. Answer the following questions expressing your answers in terms of logarithms. (i) If the balance is $1500 after 2 years what is r? ( ( l (ii) How long does it take for the investment to double? (Use the r you obtained in part (ii).

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

Section: Chapter Questions

Problem 11T: Suppose that $12,000 is invested in a saving account paying 5.6% interest per year. (a)Write the...

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