A certain sum of money draws interest compounded continuously. If at a certain time there is an initial amount of money in the account, A. Determine the time when the initial amount doubles given the interest rate is 2%. Answer: B. Determine the time when the initial amount doubles given the interest rate is 4%. Answer: years Answer: years C. By what factor will the initial amount increases after 20 years if the interest rate is 5%.
A certain sum of money draws interest compounded continuously. If at a certain time there is an initial amount of money in the account, A. Determine the time when the initial amount doubles given the interest rate is 2%. Answer: B. Determine the time when the initial amount doubles given the interest rate is 4%. Answer: years Answer: years C. By what factor will the initial amount increases after 20 years if the interest rate is 5%.
Chapter9: Sequences, Probability And Counting Theory
Section9.4: Series And Their Notations
Problem 62SE: Rachael deposits $1500 into a retirement fund each year. The fund earns 8.2% annual interest,...
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Transcribed Image Text:A certain sum of money draws interest
compounded continuously. If at a certain
time there is an initial amount of money in
the account,
A. Determine the time when the initial
amount doubles given the interest rate is
2%.
Answer:
B. Determine the time when the initial
amount doubles given the interest rate is
4%.
Answer:
years
Answer:
years
C. By what factor will the initial amount
increases after 20 years if the interest rate
is 5%.
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