Answered: A woman invests $6400 in an account…

A woman invests $6400 in an account that pays 6% interest per year, compounded continuously. (a) What is the amount after 2 years?

College Algebra

1st Edition

ISBN:9781938168383

Author:Jay Abramson

Publisher:Jay Abramson

Chapter6: Exponential And Logarithmic Functions

Section: Chapter Questions

Problem 4PT: An investment account was opened with aninitial deposit of 9,600 and earns 7.4 interest,compounded...

See similar textbooks

Related questions

Q: Mary invests $3500 at 2.75% compounded continuously. How much money will be in the account after 6…

A: Given that Invested amount=$3500 Interest compounded continuously =2.75% Time=6 years To find How…

Q: Shemp has inherited $50,000 from a recently deceased long-lost aunt. He invests his newfound money…

Q: Serenity is going to invest $130 and leave it in an account for 19 years. Assuming the interest is…

A: Just use the formula for the compound interest and simplify.

Q: An investment offers 5% interest compounded continuously. What is the amount of interest earned in…

A: P be the principal, r be the rate of interest, A be the amount after time t years

Q: $600 invested at 5% compounded daily after a period of3 years

Q: 10. Oscar invests $46,200 in an account that earns 3.675% interest, compounded continuously. How…

A: Given , Oscar invested amount 46,200 dollars . Interest is 3.675% it is compound…

Q: You deposit $5000 in an account earning 2% interest compounded continuously. How much will you have…

Q: 2. A person invests $2,125 in an account earning 9% per year compounded continuously. How much will…

Q: You deposit $4000 in an account earning 5% interest compounded continuously. How much will you have…

Q: A) Find the time it takes for $9,500 to double when invested at an annual interest rate of 7%,…

A: principle P$9,500 annual interest rate of 7%, compounded time take to double amount? B.…

Q: You deposit $6000 in an account earning 5% interest compounded continuously. How much will you have…

A: Continuously compounded interest means that your principal is constantly earning interest and the…

Q: You deposit $4000 in an account earning 2% interest compounded continuously. How much will you have…

Q: Fifty thousand pesos is deposited annually at an interest rate of 6% per annum compounded…

A: The future value is the accumulation of the initial value of the money. It includes the compounding…

Q: 6000 dollars is invested in a bank account at an interest rate of 8 percent per year, compounded…

A: NOTE: Refresh your page if you can't see any equations. . for continuous compound, use the formula…

Q: You deposit $5000 in an account earning 4% interest compounded continuously. How much will you have…

Q: An investment of $89,800.00 earns 12% annual interest, compounded continuously. If no funds are…

A: We will compute the future value as following.

Q: How long does it take for an investment to double in value if it is invested at 14% compounded…

A: Compound interest:In compound interest, interest is added back to the principal sum so that interest…

Q: A person wants to have $30,000 in an investment account to buy a new car in 4 years. How much should…

A: Topic - compound Interest

Q: A man invests $5000 in an account that pays 8.5% interest per year, compounded quarterly.(a) Find…

Q: If 3000 dollars is invested in a bank account at an interest rate of 4 per cent per year, compounded…

Q: 6000 dollars is invested in a bank account at an interest rate of 9 percent per year, compounded…

Q: You deposit $5000 in an account earning 3% interest compounded continuously. How much will you have…

A: See the attachment

Q: You deposit 4000 in an account earning 4% interest compounded continuously. How much will you have…

Q: 3000 dollars is invested in a bank account at an interest rate of 10 percent per year, compounded…

A: Let t be the number of years after which the two accounts will have the same balance.

Q: 6000 dollars is invested in a bank account at an interest rate of 6 percent per year, compounded…

A: $6000 is invested in a bank account at an interest rate of 6% which is compounded continuously for t…

Q: You can invest your money at a rate of 6.5% compounded continuously. How much money will you have…

A: The formula for the interest compounded continuously is A=Pert where, A is the final amount, P is…

Q: Lea invests $8,333 in a savings account with a fixed annual interest rate of 8%. What will the…

A: According to questionInitial balance (p) = $8,333Interest rate (r) = 8%Time (t) = 12 yearIt is given…

Q: Use the compound interest formula to solve:Suppose that you have $14,000 to invest. Which investment…

A: Given principal=$14,000time =10yearsRate =7% or 6.85%

Q: You deposit $6000 in an account earning 2% interest compounded continuously. How much will you have…

Q: 3000 dollars is invested in a bank account at an interest rate of 9 percent per year, compounded…

Q: Tyra invests $5900 in a new savings account which earns 5.6 % annual interest, compounded…

Q: You deposit $5000 in an account earning 5% interest compounded continuously. How much will you have…

A: The accumulated value for interset paid continuously is given by A=Pert. Here, P=$5000,r=0.05 and…

Q: You deposit $3000 in an account earning 7% interest compounded continuously. How much will you have…

A: Let P = $3000 is the principal amount which is initial deposit, r = 7% is the Rate of interest, t =…

Q: Sophie invested $170 in an account paying an interest rate of 2-% compounded continuously. Wyatt…

Q: At what rate do you need to invest money into a bank account earning continuously compounded…

A: The formula for continuously compound interest is f=pert For double money let f=2 and p=1, t=2525

Q: You deposit $4000 in an account earning 3% interest compounded continuously. How much will you have…

Q: Find the balance if $24000 is invested in an account paying 6% interest compounded continuously for…

Q: You deposit $4000 in an account earning 7% interest compounded continuously. How much will you have…

Q: Diego deposited a certain sum of money in a bank 2 years ago. If the bank had been paying interest…

A: For the following problem,

Q: You deposit $5000 in an account earning 6% interest compounded continuously. How much will you have…

A: We know that final amount A=Pert Given, P=Initial amount=$5000 r=rate of interest=6%=0.06…

Q: You deposit $6000 in an account earning 7% interest compounded continuously. How much will you have…

A: We have to find the compound intrest for the money deposited in Bank

Q: You deposit $4000 in an account earning 8% interest compounded continuously. How much will you have…

Q: A woman invests $6500 in an account that pays 6% interest per year, compounded continuously.(a) What…

A: Compound interest: A woman invests $6500 in an account that pays 6% interest per year, compounded…

Q: You deposit $4000 in an account earning 7% interest compounded continuously. How much will you have…

Q: A person places $20,000 in a savings account which pays 3 percent interest per annum, compounded…

A: Compounded continuously means interest compounded infinitely many times in a year.

Q: You deposit $5000 in an account earning 8% interest compounded continuously. How much will you have…

Q: 6000 dollars is invested in a bank account at an interest rate of 7 percent per year, compounded…

Q: The interest on a bank savings account is compounded continuously, with an annual interest rate of…

Q: How long does it take for an investment to double in value if it is invested at 5% compounded…

Question

A woman invests $6400 in an account that pays 6% interest per year, compounded continuously.

(a) What is the amount after 2 years?

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

formula :

VIEW

(a) What is the amount after 2 years?

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Similar questions

An investment account was opened with aninitial deposit of 9,600 and earns 7.4 interest,compounded continuously. How much will theaccount be worth after 15 years?
An investment account with an annual interest rateof 7 was opened with an initial deposit of 4,000 Compare the values of the account after 9 yearswhen the interest is compounded annually, quarterly,monthly, and continuously.
On the day a grandchild is born, a grandparent deposits $2500 in a fund earning 7.5% interest, compounded continuously. Determine the balance in the account on the grandchild’s 25th birthday.
Angela invested $15,000 in a savings account. If the interest rate is 4%, how much will be in the account in 10 years by each method of compounding? compound quarterly compound monthly compound continuously
Suppose that $12,000 is invested in a saving account paying 5.6% interest per year. (a)Write the formula for the amount in the account after t years if interest is compounded monthly. (b)Find the amount in the after 3 years if interest is compounded daily. (c)How long will it take for the amount in the account to grow to $20,000 if interest iscompounded continuously?
What rate of interest to the nearest hundredth of percent is needed so that an investment of 2500 will yield 3000 in 2 years if the money is compounded annually?