If $9,000 is invested at 3% per year compounded monthly, the future value S at any time t (in months) is given by S = 9,000(1.0025). (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.) months

College Algebra (MindTap Course List)
12th Edition
ISBN:9781305652231
Author:R. David Gustafson, Jeff Hughes
Publisher:R. David Gustafson, Jeff Hughes
Chapter8: Sequences, Series, And Probability
Section8.CR: Chapter Review
Problem 52E: Investment problem If Landon invests 3000 in a 6-year certificate of deposit at the annual rate of...
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If $9,000 is invested at 3% per year compounded monthly, the future value S at any time t (in months) is given by S = 9,000(1.0025)*.
(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.)
months
Transcribed Image Text:If $9,000 is invested at 3% per year compounded monthly, the future value S at any time t (in months) is given by S = 9,000(1.0025)*. (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.) months
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