Suppose that P dollars in principal is invested in an account earning 3.9% interest compounded continuously. At the end of 4 yr, the amount in the account has earned $1603.85 in interest. Part 1 of 2 (a) Find the original principal. Round to the nearest dollar. (Hint: Use the model A =Pe" and substitute P+ 1603.85 for A.) The original principal was approximately $ 9500 Part: 1/ 2 Part 2 of 2 (b) Using the original principal from part (a) and the model A =Pe", determine the time required for the investment to reach $11,000. Round to 1 decimal place.

Suppose that P dollars in principal is invested in an account earning 3.9% interest compounded continuously. At the end of 4 yr, the amount in the account has earned $1603.85 in interest. Part 1 of 2 (a) Find the original principal. Round to the nearest dollar. (Hint: Use the model A =Pe" and substitute P+ 1603.85 for A.) The original principal was approximately $ 9500 Part: 1/ 2 Part 2 of 2 (b) Using the original principal from part (a) and the model A =Pe", determine the time required for the investment to reach $11,000. Round to 1 decimal place.

College Algebra

7th Edition

ISBN:9781305115545

Author:James Stewart, Lothar Redlin, Saleem Watson

Publisher:James Stewart, Lothar Redlin, Saleem Watson

Chapter4: Exponential And Logarithmic Functions

Section: Chapter Questions

Problem 11T: Suppose that $12,000 is invested in a saving account paying 5.6% interest per year. (a)Write the...

See similar textbooks