6.8 21 For these problems, use this formula for compounding interest continuously. Round answer to 2 decimalplaces.A = PertFind the time it takes for $8,500 to double when invested at an annual interest rate of 7%, compoundedcontinuously.yearsFind the time it takes for $850,000 to double when invested at an annual interest rate of 7%, compoundedcontinuously.years

Answered: Image /qna-images/answer/33eaafcd-6907-49f1-8c5a-9bb87523d0be.jpg

Answered: For these problems, use this formula…

College Algebra

1st Edition

ISBN:9781938168383

Author:Jay Abramson

Publisher:Jay Abramson

Chapter6: Exponential And Logarithmic Functions

Section6.1: Exponential Functions

Problem 67SE: Alyssa opened a retirement account with 7.25 APRin the year 2000. Her initial deposit was 13,500....

See similar textbooks

Similar questions

Kyoko has 10,000 that she wants to invest. Her bankhas several investment accounts tochoose from, allcompounding daily. Her goal is to have 15,000 bythe time she finishes graduate school in 6 years. Tothe nearest hundredth of a percent, what should herminimum annual interest rate be in order to reach hergoal? (Hint: solve the compound interest formula forthe interest rate.)
Megan invested $21,000 in a savings account. If the interest rate is 5%, how much will be in the account in 8 years by each method of compounding? a. compound quarterly b. compound monthly c. compound continuously.
Allan invested $10,000 in a mutual fund. If the interest rate is 5%, how much will be in the account in 15 years by each method of compounding? compound quarterly compound monthly compound continuously
Saving How much money should be invested every quarter at 10% per year, compounded quarterly, to have $5000 in 2 years?
Rachael deposits $1500 into a retirement fund each year. The fund earns 8.2% annual interest, compounded monthly. If she opened her account when she was 19 years old, how much will she have by the time she is 55? How much of that amount will be interest earned?
Alyssa opened a retirement account with 7.25 APRin the year 2000. Her initial deposit was 13,500. How much will the account be worth in 2025 if interest compounds monthly? How much more wouldshe make if interest compounded continuously?
Applications Saving for college In 20 years, a father wants to accumulate 40,000 to pay for his daughters college expenses. If he can get 6% interest, compounded quarterly, how much must he invest now to achieve his goal?

Recommended textbooks for you

College Algebra

Algebra

ISBN:

9781938168383

Author:

Jay Abramson

Publisher:

OpenStax

College Algebra

Algebra

ISBN:

9781305115545

Author:

James Stewart, Lothar Redlin, Saleem Watson

Publisher:

Cengage Learning

College Algebra (MindTap Course List)

Algebra

ISBN:

9781305652231

Author:

R. David Gustafson, Jeff Hughes

Publisher:

Cengage Learning

College Algebra

Algebra

ISBN:

9781938168383

Author:

Jay Abramson

Publisher:

OpenStax

College Algebra

Algebra

ISBN:

9781305115545

Author:

James Stewart, Lothar Redlin, Saleem Watson

Publisher:

Cengage Learning

College Algebra (MindTap Course List)

Algebra

ISBN:

9781305652231

Author:

R. David Gustafson, Jeff Hughes

Publisher:

Cengage Learning

Intermediate Algebra

Algebra

ISBN:

9780998625720

Author:

Lynn Marecek

Publisher:

OpenStax College

Calculus For The Life Sciences

Calculus

ISBN:

9780321964038

Author:

GREENWELL, Raymond N., RITCHEY, Nathan P., Lial, Margaret L.

Publisher:

Pearson Addison Wesley,

Glencoe Algebra 1, Student Edition, 9780079039897…

Algebra

ISBN:

9780079039897

Author:

Carter

Publisher:

McGraw Hill

SEE MORE TEXTBOOKS