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Use the following compound interest formulas: A= P 1+ and A- Pe" a. How long, to the nearest tenth of a year, will it take $1500 to grow to triple at 3.25% annual interest compounded monthly? b. How long, to the nearest tenth of a year, will it take $1500 to triple in value at 3.25% annual interest compounded continuously? c. $4,000 is invested into an account with an interest rate of 3.25% per year, compounded daily (assume 365 days in the year). How much time before $5,000 interest is accrued?

Use the following compound interest formulas: A= P 1+ and A- Pe" a. How long, to the nearest tenth of a year, will it take $1500 to grow to triple at 3.25% annual interest compounded monthly? b. How long, to the nearest tenth of a year, will it take $1500 to triple in value at 3.25% annual interest compounded continuously? c. $4,000 is invested into an account with an interest rate of 3.25% per year, compounded daily (assume 365 days in the year). How much time before $5,000 interest is accrued?

Algebra & Trigonometry with Analytic Geometry
Algebra & Trigonometry with Analytic Geometry
13th Edition
ISBN:9781133382119
Author:Swokowski
Publisher:Swokowski
Chapter5: Inverse, Exponential, And Logarithmic Functions
Section: Chapter Questions
Problem 22T
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a) How long, to the nearest tenth of a year, will it take $1500 to grow to triple at 3.25% annual interest compounded monthly?

b) How long, to the nearest tenth of a year, will it take $1500 to triple in value at 3.25% annual interest compounded continuously?

c) $4,000 is invested into an account with an interest rate of 3.25% per year, compounded daily (assume 365 days in the year). How much time before $5,000 interest is accrued?

9. Use the following compound interest formulas: A = P 1+ and A= Pe" a. How long, to the nearest tenth of a year, will it take $1500 to grow to triple at 3.25% annual interest compounded monthly? b. How long, to the nearest tenth of a year, will it take $1500 to triple in value at 3.25% annual interest compounded continuously? c. $4,000 is invested into an account with an interest rate of 3.25% per year, compounded daily (assume 365 days in the year). How much time before $5,000 interest is accrued?
Transcribed Image Text:9. Use the following compound interest formulas: A = P 1+ and A= Pe" a. How long, to the nearest tenth of a year, will it take $1500 to grow to triple at 3.25% annual interest compounded monthly? b. How long, to the nearest tenth of a year, will it take $1500 to triple in value at 3.25% annual interest compounded continuously? c. $4,000 is invested into an account with an interest rate of 3.25% per year, compounded daily (assume 365 days in the year). How much time before $5,000 interest is accrued?
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