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?

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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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?
Transcribed Image Text: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?
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