In 1887, a person sold a house to a lady for $30. If the lady had put the $30 into a bank account paying 4% interest, how much would the investment have been worth in the year 2012 if interest were compounded in the folowing ways? a monthly b. continuously af compounded monthly, the investment would be worth $ in 2012. (Round to the nearest dollar as needed.) b. If compounded continuously, the investment would be worth Sin 2012 (Round to the nearest dollar as needed)

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
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In 1887, a person sold a house to a lady for $30. If the lady had put the $30 into a bank account paying 4% interest, how much would the investment have been worth in the year 2012 if interest were compounded in the following ways?
a. monthly
b. continuously
a. If compounded monthly, the investment would be worth $
(Round to the nearest dollar as needed.)
in 2012.
b. If compounded continuously, the investment would be worth $
(Round to the nearest dollar as needed.)
in 2012.
Enter your answer in each of the answer boxes.
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Transcribed Image Text:In 1887, a person sold a house to a lady for $30. If the lady had put the $30 into a bank account paying 4% interest, how much would the investment have been worth in the year 2012 if interest were compounded in the following ways? a. monthly b. continuously a. If compounded monthly, the investment would be worth $ (Round to the nearest dollar as needed.) in 2012. b. If compounded continuously, the investment would be worth $ (Round to the nearest dollar as needed.) in 2012. Enter your answer in each of the answer boxes. Save for Later 11:38 11/1/ PgUp F11 End PrtScn F8 Home F9 DII F10 Esc F4 F5 F6 F7 F1 F2 F3 @ #3 & 6 7 8 9 1 2 3 4 Q Y U W.. R 口 %24
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