A man with $20,000 to invest decides to diversify his investments by placing $10,000 in an account that earns 4.2% compounded continuously and $10,000 in an account that earns 5.4% compounded annually. Use graphical approximation methods to determine how long it will take for his total investment in the two accounts to grow to $35,000. It will take approximately years for his total investment in the two accounts to grow to $35,000.
A man with $20,000 to invest decides to diversify his investments by placing $10,000 in an account that earns 4.2% compounded continuously and $10,000 in an account that earns 5.4% compounded annually. Use graphical approximation methods to determine how long it will take for his total investment in the two accounts to grow to $35,000. It will take approximately years for his total investment in the two accounts to grow to $35,000.
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....
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round to one decimal plce.
Transcribed Image Text:A man with $20,000 to invest decides to diversify his investments by placing $10,000 in an account that earns 4.2%
compounded continuously and $10,000 in an account that earns 5.4% compounded annually. Use graphical
approximation methods to determine how long it will take for his total investment in the two accounts to grow to
$35,000.
It will take approximately
years for his total investment in the two accounts to grow to $35,000.
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