9. If 8000 dollars is invested in a bank account at an interest rate of 6 per cent per year, compounded Monthly. a) What is the value 10 years later? b) How many years will it take for your balance to reach 40000 dollars?
9. If 8000 dollars is invested in a bank account at an interest rate of 6 per cent per year, compounded Monthly. a) What is the value 10 years later? b) How many years will it take for your balance to reach 40000 dollars?
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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