12. If you deposit $500 in a savings account that earns 4% interest, how much will you have after 10 years is the interest is compounded a) monthly? b) continuously? 13. How long will the account in question 12 take to double if it is only compounded once a year? Round to the nearest tenth of a year.

College Algebra
1st Edition
ISBN:9781938168383
Author:Jay Abramson
Publisher:Jay Abramson
Chapter9: Sequences, Probability And Counting Theory
Section9.4: Series And Their Notations
Problem 56SE: To get the best loan rates available, the Riches want to save enough money to place 20% down on a...
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12. If you deposit $500 in a savings account that earns 4% interest, how much will you have
after 10 years is the interest is compounded
a) monthly?
b) continuously?
13. How long will the account in question 12 take to double if it is only compounded once a
year? Round to the nearest tenth of a year.
Transcribed Image Text:12. If you deposit $500 in a savings account that earns 4% interest, how much will you have after 10 years is the interest is compounded a) monthly? b) continuously? 13. How long will the account in question 12 take to double if it is only compounded once a year? Round to the nearest tenth of a year.
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