7. Use the following compound interest formulas: A = P| 1+ and A = Pe" a. How long, to the nearest tenth of a year, will it take $600 to grow to $2000 at 9% annual interest compounded monthly? b. How long, to the nearest tenth of a year, will it take $700 to triple in value at 9.5% annual interest compounded continuously?
7. Use the following compound interest formulas: A = P| 1+ and A = Pe" a. How long, to the nearest tenth of a year, will it take $600 to grow to $2000 at 9% annual interest compounded monthly? b. How long, to the nearest tenth of a year, will it take $700 to triple in value at 9.5% annual interest compounded continuously?
Algebra for College Students
10th Edition
ISBN:9781285195780
Author:Jerome E. Kaufmann, Karen L. Schwitters
Publisher:Jerome E. Kaufmann, Karen L. Schwitters
Chapter10: Exponential And Logarithmic Functions
Section10.2: Applications Of Exponential Functions
Problem 25PS
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