Max invested $5000 in a money market account that compounds interest continuously for him at a rate of 6.2%. Use the formula A=Pe^rt to answer the questions below. A) At the end of 3 years how much is Max's account worth? B) In this account how long(in years) will it take for his money to double?

Max invested $5000 in a money market account that compounds interest continuously for him at a rate of 6.2%. Use the formula A=Pe^rt to answer the questions below. A) At the end of 3 years how much is Max's account worth? B) In this account how long(in years) will it take for his money to double?

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

Section8.4: Geometric Sequences And Series

Problem 7SC

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