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AlgebraQ&A LibrarySuppose that $12,000 is invested in a bond fund and the account grows to $14,309.26 in 4 yr. a. Use the model A = Pert to determine the average rate of return under continuous compounding. Round to the nearest tenth of a percent. b. How long will it take the investment to reach $20,000 if the rate of return continues? Round to the nearest tenth of a year.Question

Asked Dec 27, 2019

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Suppose that $12,000 is invested in a bond fund and the account grows to $14,309.26 in 4 yr. a. Use the model A = Pert to determine the average rate of return under continuous compounding. Round to the nearest tenth of a percent. b. How long will it take the investment to reach $20,000 if the rate of return continues? Round to the nearest tenth of a year.

Step 1

(a) From the given information, it is observed that *A* = $14,309.26, *P* = $12,000 and *t* = 4.

Compute the average rate by using *A* = *Pert*.

Substitute *A*...

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