Find the time required for an initial investment of $2000 to reach $3500 if the interest is compounded continuously at a 4.5% annual interest rate. Use the appropriate formula: A = P(1+2)"; A = Pert nt

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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Find the time required for an initial investment of $2000 to reach $3500 if the interest is
compounded continuously at a 4.5% annual interest rate.
Use the appropriate formula: A = P(1+2)"; A = Pert
nt
Transcribed Image Text:Find the time required for an initial investment of $2000 to reach $3500 if the interest is compounded continuously at a 4.5% annual interest rate. Use the appropriate formula: A = P(1+2)"; A = Pert nt
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