Use the compound interest formula:A = PertFind the time it takes for $8,600 to double when invested at an annual interest rate of 12%, compoundedcontinuously.yearsFind the time it takes for $8,600 to increase to $13,760 when invested at an annual interest rate of 12%,compounded continuously.yearsGive your answers accurate to 1 decimal place.

Answered: Use the compound interest formula: A =…

Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018

18th Edition

ISBN:9780079039897

Author:Carter

Publisher:Carter

Chapter7: Exponents And Exponential Functions

Section7.7: Writing Exponential Functions

Problem 31HP

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Use the compound interest formula: A = Pert