Suppose $2000 is invested at 5% interest compounded continuously. How long will it take for the investment to grow to $18,000? Use the model A (t) = Pert and round to the nearest tenth of a year. It will take approximately years for the investment to grow to $18,000. X S

Intermediate Algebra
19th Edition
ISBN:9780998625720
Author:Lynn Marecek
Publisher:Lynn Marecek
Chapter10: Exponential And Logarithmic Functions
Section10.5: Solve Exponential And Logarithmic Equations
Problem 10.85TI: Hector invests $10,000 at age 21. He hopes the investments will be worth when he turns 50. If the...
icon
Related questions
Question
Suppose $2000 is invested at 5% interest compounded continuously. How long will it take for the investment to grow to $18,000? Use the model A (t) = Pert
and round to the nearest tenth of a year.
It will take approximately
years for the investment to grow to $18,000.
Transcribed Image Text:Suppose $2000 is invested at 5% interest compounded continuously. How long will it take for the investment to grow to $18,000? Use the model A (t) = Pert and round to the nearest tenth of a year. It will take approximately years for the investment to grow to $18,000.
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps

Blurred answer
Recommended textbooks for you
Intermediate Algebra
Intermediate Algebra
Algebra
ISBN:
9780998625720
Author:
Lynn Marecek
Publisher:
OpenStax College
College Algebra
College Algebra
Algebra
ISBN:
9781938168383
Author:
Jay Abramson
Publisher:
OpenStax
Algebra & Trigonometry with Analytic Geometry
Algebra & Trigonometry with Analytic Geometry
Algebra
ISBN:
9781133382119
Author:
Swokowski
Publisher:
Cengage
Algebra and Trigonometry (MindTap Course List)
Algebra and Trigonometry (MindTap Course List)
Algebra
ISBN:
9781305071742
Author:
James Stewart, Lothar Redlin, Saleem Watson
Publisher:
Cengage Learning