If $9,000 is invested at 3% per year compounded monthly, the future value S at any time t (in months) is given by S = 9,000(1.0025). (a) What is the amount after 1 year? (Round your answer to two decimal places.) $ (b) How long before the investment doubles? (Round your answer to one decimal place.) months
If $9,000 is invested at 3% per year compounded monthly, the future value S at any time t (in months) is given by S = 9,000(1.0025). (a) What is the amount after 1 year? (Round your answer to two decimal places.) $ (b) How long before the investment doubles? (Round your answer to one decimal place.) months
College Algebra
7th Edition
ISBN:9781305115545
Author:James Stewart, Lothar Redlin, Saleem Watson
Publisher:James Stewart, Lothar Redlin, Saleem Watson
Chapter4: Exponential And Logarithmic Functions
Section4.1: Exponential Functions
Problem 4E
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