9. How long does it take for Mary to deposit $100 to an annual interest rate of 3%, compound interest once a month, to get the principal and interest and $150? If the account is compounded continuously, how long does it take?

College Algebra
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ISBN:9781938168383
Author:Jay Abramson
Publisher:Jay Abramson
Chapter9: Sequences, Probability And Counting Theory
Section9.4: Series And Their Notations
Problem 56SE: To get the best loan rates available, the Riches want to save enough money to place 20% down on a...
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9. How long does it take for Mary to deposit $100 to an annual
interest rate of 3%, compound interest once a month, to get the
principal and interest and $150? If the account is compounded
continuously, how long does it take?
Transcribed Image Text:9. How long does it take for Mary to deposit $100 to an annual interest rate of 3%, compound interest once a month, to get the principal and interest and $150? If the account is compounded continuously, how long does it take?
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