(a) How much will be in your account after 5 years? (b) How much interest will be earned after 5 years? (c) How long will it take your investment to reach $5,000? (d) Does the time it takes to triple your investment depend on the principal that you invested? Why or why not

College Algebra
1st Edition
ISBN:9781938168383
Author:Jay Abramson
Publisher:Jay Abramson
Chapter6: Exponential And Logarithmic Functions
Section6.1: Exponential Functions
Problem 68SE: An investment account with an annual interest rateof 7 was opened with an initial deposit of 4,000...
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(1) You invest $2,000 in a bank at a rate of 3% compounded continuously. (Round to nearest cent and nearest year)
(a) How much will be in your account after 5 years?
(b) How much interest will be earned after 5 years?
(c) How long will it take your investment to reach $5,000?
(d) Does the time it takes to triple your investment depend on the principal that you invested? Why or why not?
Transcribed Image Text:(1) You invest $2,000 in a bank at a rate of 3% compounded continuously. (Round to nearest cent and nearest year) (a) How much will be in your account after 5 years? (b) How much interest will be earned after 5 years? (c) How long will it take your investment to reach $5,000? (d) Does the time it takes to triple your investment depend on the principal that you invested? Why or why not?
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