Assume a savings account had $6000 initially, and that the interest rate per year to be compounded continuously is 6.4%, and the target balance is $13000. How long will it take to reach the target balance? 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...
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Assume a savings account had $6000 initially, and that the interest rate per year to be compounded continuously is 6.4%, and the target balance
is $13000.
How long will it take to reach the target balance?
years
Transcribed Image Text:Assume a savings account had $6000 initially, and that the interest rate per year to be compounded continuously is 6.4%, and the target balance is $13000. How long will it take to reach the target balance? years
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