Question

suppose $5000 is invested in an account at an annual interest rate of 6.8% compounded continuously....

suppose $5000 is invested in an account at an annual interest rate of 6.8% compounded continuously. How long (to the nearest tenth of a year) will it take the investment to double in size?

Homework Answers

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Suppose $5,400 is invested in an account at an annual interest rate of 3.9% compounded continuously....
Suppose $5,400 is invested in an account at an annual interest rate of 3.9% compounded continuously. How long (to the nearest tenth of a year) will it take the investment to double in size? Answer:
Suppose $5000 is invested at an annual interest rate of 4.15% if compounded continuously. a) Compute...
Suppose $5000 is invested at an annual interest rate of 4.15% if compounded continuously. a) Compute the balance at the end of 16 years. b) What is the doubling time (round to the nearest year)? c) What will be the balance at the end of 16 years if computed quarterly?
Suppose $40,000 is invested in an account that returns 7% per year compounded continuously. (Round your...
Suppose $40,000 is invested in an account that returns 7% per year compounded continuously. (Round your answers to one decimal place.) a. how long will it take for the investment to double? ____ yrs b. How long will it take for the investment to triple? _____ yrs
Suppose $12,500 is invested in an account which offers 3.25% interest compounded quarterly (4 times a...
Suppose $12,500 is invested in an account which offers 3.25% interest compounded quarterly (4 times a year). (a) Express the amount A in the account as a function of the term of the investment t in years. (b) How much would be in the account in 7 years (assuming non deposits or withdrawals are made)? (c) How long will it take for the initial investment to double (round the nearest tenth of a year)?
Adam deposited $1500 in an account in which interest is compounded continuously. The annual rate of...
Adam deposited $1500 in an account in which interest is compounded continuously. The annual rate of interest is 2.5 %. How long does it take for his money to double?
5000 dollars is invested in a bank account at an interest rate of 7 percent per...
5000 dollars is invested in a bank account at an interest rate of 7 percent per year, compounded continuously. Meanwhile, 24000 dollars is invested in a bank account at an interest rate of 4 percent compounded annually. To the nearest year, When will the two accounts have the same balance? The two accounts will have the same balance after
Suppose that $5000 is placed in a savings account at an annual rate of 6% ,...
Suppose that $5000 is placed in a savings account at an annual rate of 6% , compounded semiannually. Assuming that no withdrawals are made, how long will it take for the account to grow to $6500 ?
When interest is compounded continuously, the amount of money increases at a rate proportional to the...
When interest is compounded continuously, the amount of money increases at a rate proportional to the amount S present at time t, that is, dS/dt = rS, where r is the annual rate of interest. (a) Find the amount of money accrued at the end of 8 years when $5000 is deposited in a savings account drawing 5 3 4 % annual interest compounded continuously. (Round your answer to the nearest cent.) $ (b) In how many years will the...
When interest is compounded continuously, the amount of money increases at a rate proportional to the...
When interest is compounded continuously, the amount of money increases at a rate proportional to the amount S present at time t, that is, dS/dt = rS, where r is the annual rate of interest. (a) Find the amount of money accrued at the end of 8 years when $5000 is deposited in a savings account drawing 5 3/4 % annual interest compounded continuously. (Round your answer to the nearest cent.) $ (b) this is the part I’m having the...
An initial deposit is made of $12,000 in an account paying 4% interest compounded continuously. a....
An initial deposit is made of $12,000 in an account paying 4% interest compounded continuously. a. How much will the account be worth in 6 years? b. How long will it take the account to double?