Intermediate Algebra
10th Edition
ISBN:9781285195728
Author:Jerome E. Kaufmann, Karen L. Schwitters
Publisher:Jerome E. Kaufmann, Karen L. Schwitters
Chapter11: Exponential And Logarithmic Functions
Section11.2: Applications Of Exponential Functions
Problem 27PS
Related questions
Question
1) When an amount of $1,000 is put in a bank that pays ordinary simple interest at a rate of 5% per year, how many days will it take for it to grow to $1,020? (Use a year with 365 days.)
b) If you invest $ 25,000 in a five-year fund. How much interest will there be in the fund at the end of the period if the fund pays interest at a rate of 9% per year compounded quarterly?
c) You got $5,000 to invest at a rate of 6% per year compounded continuously. How long do you think it will take for your investment to reach $9,000?
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