Suppose that P dollars in principal is invested in an account earning 3.2% interest compounded continuously. At the end of 3 yr, the amount in the account has earned $806.07 in interest. a.Find the original principal. Round to the nearest dollar. (Hint:Use the model A = Pert and substitute P + 806.07 for A.) b. Using the original principal from part (a) and the model A = Pert, determine the time required for the investment to reach $10,000. Round to the nearest year.
Suppose that P dollars in principal is invested in an account earning 3.2% interest compounded continuously. At the end of 3 yr, the amount in the account has earned $806.07 in interest. a.Find the original principal. Round to the nearest dollar. (Hint:Use the model A = Pert and substitute P + 806.07 for A.) b. Using the original principal from part (a) and the model A = Pert, determine the time required for the investment to reach $10,000. Round to the nearest year.
Algebra and Trigonometry (MindTap Course List)
4th Edition
ISBN:9781305071742
Author:James Stewart, Lothar Redlin, Saleem Watson
Publisher:James Stewart, Lothar Redlin, Saleem Watson
Chapter4: Exponential And Logarithmic Functions
Section4.2: The Natural Exponential Function
Problem 2E
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Suppose that P dollars in principal is invested in an account earning 3.2% interest compounded continuously. At the end of 3 yr, the amount in the account has earned $806.07 in interest.
a.Find the original principal. Round to the nearest dollar. (Hint:Use the model A = Pert and substitute P + 806.07 for A.)
b. Using the original principal from part (a) and the model A = Pert, determine the time required for the investment to reach $10,000. Round to the nearest year.
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