1 school 2 An investment grows according to the formulaB = 8000 x 1.0065' dollars,where t is time, measured in months. In parts (b) and (c), round your answer to the nearest whole month.(a) What was the initial balance of the investment?(b) How many months does it take for the balance to double?months(c) How many more months does it take for the balance to double again?months

Name: 1 school 2 An investment grows according to the formulaB = 8000 x 1.00
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Description: 1 school 2 An investment grows according to the formulaB = 8000 x 1.0065' dollars,where t is time, measured in months. In parts (b) and (c), round your answer to the nearest whole month.(a) What was the initial balance of the investment?(b) How many

Given formula is, Bt=8000×1.0065t Part(a): At initially that is at t=0 the balance of the investment…

Answered: An investment grows according to the…

College Algebra

1st Edition

ISBN:9781938168383

Author:Jay Abramson

Publisher:Jay Abramson

Chapter6: Exponential And Logarithmic Functions

Section6.1: Exponential Functions

Problem 68SE: An investment account with an annual interest rateof 7 was opened with an initial deposit of 4,000...

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1 school 2

An investment grows according to the formula
B = 8000 x 1.0065' dollars,
where t is time, measured in months. In parts (b) and (c), round your answer to the nearest whole month.
(a) What was the initial balance of the investment?
(b) How many months does it take for the balance to double?
months
(c) How many more months does it take for the balance to double again?
months

Expert Solution

Step 1

Given formula is,

$B (t) = 8000 \times 1 . 0065^{t}$

Part(a):

At initially that is at $t = 0$ the balance of the investment is,

$\begin{array}{rcl} B (t) & = & 8000 \times 1 . 0065^{t} \\ B (0) & = & 8000 \times 1 . 0065^{0} \\ = & 8000 \end{array}$

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