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Home Q & A Board Science-Related Homework Help Mathematics Calculus
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EruIluvatar EruIluvatar
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2 years ago
An investment of P dollars is deposited in a savings account that is compounded quarterly with an annual interest rate of r, where r is expressed as a decimal. The amount of money A in the account after t years is given by A = P (1 + r/4)4t. Use this equation to determine the time it takes for an investment of $10,000 to increase to $12,000 if it is placed in an account that is compounded quarterly with an annual interest rate of 1.6%. Round to the nearest tenth.

▸ 2.9 years

▸ 9.6 years

▸ 45.7 years

▸ 11.4 years
Textbook 
Calculus: Early Transcendentals

Calculus: Early Transcendentals


Edition: 3rd
Authors:
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EvolutionEvolution
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EruIluvatar Author
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2 years ago
Thanks
dedricgard
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Yesterday
this is exactly what I needed
shelbycox
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2 hours ago
Smart ... Thanks!
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