If $8,000 is invested at 6% per year compounded monthly, the future value S at any time t (in months) is given by S = 8,000(1.005)t. (a) What is the amount after 1 year? (Round your answer to two decimal places.)(b) How long before the investment doubles? (Round your answer to one decimal place.)
Unitary Method
The word “unitary” comes from the word “unit”, which means a single and complete entity. In this method, we find the value of a unit product from the given number of products, and then we solve for the other number of products.
Speed, Time, and Distance
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Profit and Loss
The amount earned or lost on the sale of one or more items is referred to as the profit or loss on that item.
Units and Measurements
Measurements and comparisons are the foundation of science and engineering. We, therefore, need rules that tell us how things are measured and compared. For these measurements and comparisons, we perform certain experiments, and we will need the experiments to set up the devices.
If $8,000 is invested at 6% per year compounded monthly, the future value S at any time t (in months) is given by S = 8,000(1.005)t.
(b) How long before the investment doubles? (Round your answer to one decimal place.)
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