A person places $20,000 in a savings account which pays 3 percent interest per annum, compounded continUously. a. What is the amount in the account after three years? b. What is the time required for the account to double in value, presuming no withdrawals and no additional deposits?
A person places $20,000 in a savings account which pays 3 percent interest per annum, compounded continUously. a. What is the amount in the account after three years? b. What is the time required for the account to double in value, presuming no withdrawals and no additional deposits?
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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ISBN:
9781133382119
Author:
Swokowski
Publisher:
Cengage