nt Use the model A =Pe" or A=P1+ , where A is the future value of P dollars invested at interest rate r compounded continuously or n times per year for t years. If a couple has $50,000 in a retirement account, how long will it take the money to grow to $1,000,000 if it grows by 6.5% compounded continuously? Round up to the nearest year. It will take approximately years.

College Algebra
1st Edition
ISBN:9781938168383
Author:Jay Abramson
Publisher:Jay Abramson
Chapter6: Exponential And Logarithmic Functions
Section6.1: Exponential Functions
Problem 68SE: An investment account with an annual interest rateof 7 was opened with an initial deposit of 4,000...
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nt
Use the model A =Pe' or A =P1+-
, where A is the future value of P dollars invested at interest rate r compounded continuously or n times per year
for t years.
If a couple has $50,000 in a retirement account, how long will it take the money to grow to $1,000,000 if it grows by 6.5% compounded continuously? Round
up to the nearest year.
It will take approximately
years.
Transcribed Image Text:nt Use the model A =Pe' or A =P1+- , where A is the future value of P dollars invested at interest rate r compounded continuously or n times per year for t years. If a couple has $50,000 in a retirement account, how long will it take the money to grow to $1,000,000 if it grows by 6.5% compounded continuously? Round up to the nearest year. It will take approximately years.
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