If an investment of$5,000 is made in an account returning 2% p.a.then how long will it take for the account to have$10,000 if: a. Interest is compounded monthly? (12 times a year) (b) Interest is compounded continuously? Give your answers rounded to two decimal places.

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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If an investment of$5,000 is made in an account returning 2% p.a.then how long will it take for the account to have$10,000 if:

a. Interest is compounded monthly? (12 times a year)

(b) Interest is compounded continuously?

Give your answers rounded to two decimal places.

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