Suppose that $12,000 is invested in a savings account paying 5.6% interest per year.(a) Write the formula for the amount in the account after t years if interest is compounded monthly.(b) Find the amount in the account after 3 years if interest is compounded daily.(c) How long will it take for the amount in the account to grow to $20,000 if interest is compounded continuously?
Unitary Method
The word “unitary” comes from the word “unit”, which means a single and complete entity. In this method, we find the value of a unit product from the given number of products, and then we solve for the other number of products.
Speed, Time, and Distance
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The amount earned or lost on the sale of one or more items is referred to as the profit or loss on that item.
Units and Measurements
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Suppose that $12,000 is invested in a savings account paying 5.6% interest per year.
(a) Write the formula for the amount in the account after t years if interest is compounded monthly.
(b) Find the amount in the account after 3 years if interest is compounded daily.
(c) How long will it take for the amount in the account to grow to $20,000 if interest is compounded continuously?
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