Question

If $9,000 is invested at 9% per year compounded monthly, the future value S at any...

If $9,000 is invested at 9% per year compounded monthly, the future value S at any time t (in months) is given by S = 9,000(1.0075)t.

(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

Math   Precalculus   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

your feedback will be appreciated a lot. thank you?

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Some amount of principal is invested at a 7.4% annual rate, compounded monthly. The value of...
Some amount of principal is invested at a 7.4% annual rate, compounded monthly. The value of the investment after 7 years is $2185.76. Find the amount originally invested. Round to two decimal places AND Nathan invests $1000 into an account earning interest at an annual rate of 4.7%, compounded annually. 4 years later, he finds a better investment opportunity. At that time, he withdraws his money and then deposits it into an account earning interest at an annual rate of...
a. What is the future value in six years of $1,400 invested in an account with...
a. What is the future value in six years of $1,400 invested in an account with an annual percentage rate of 9 percent, compounded annually? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) Future value $   b. What is the future value in six years of $1,400 invested in an account with an annual percentage rate of 9 percent, compounded semiannually? (Do not round intermediate calculations and round your answer to 2 decimal...
The future value that accrues when $700 is invested at 5%, compounded continuously, is S(t) =...
The future value that accrues when $700 is invested at 5%, compounded continuously, is S(t) = 700e0.05t where t is the number of years. (Round your answers to the nearest cent.) (a) At what rate is the money in this account growing when t = 4? $ per year (b) At what rate is it growing when t = 10? $ per year
a. What is the future value in five years of $1,200 invested in an account with...
a. What is the future value in five years of $1,200 invested in an account with an annual percentage rate of 10 percent, compounded annually? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) Future value $  Not attempted b. What is the future value in five years of $1,200 invested in an account with an annual percentage rate of 10 percent, compounded semiannually? (Do not round intermediate calculations and round your answer to 2...
You have invested money in a savings account that pays a fixed monthly interest on the...
You have invested money in a savings account that pays a fixed monthly interest on the account balance. The following table shows the account balance over the first 5 months. Time in months Savings balance (0,$1600.00) (1,$1628.80) (2, $1658.12) (3, $1687.97) (4, $1718.35) (5, $1749.28) (a) How much money was originally invested? $ (b) Show that the data are exponential. (Round your answer to three decimal places.) Each successive ratio of new/old is , which shows that the data is...
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
1a.) Determine when, to the nearest year, $2,000 invested at 5% per year, compounded daily, will...
1a.) Determine when, to the nearest year, $2,000 invested at 5% per year, compounded daily, will be worth $10,000. 1b.)Calculate, to the nearest cent, the future value FV (in dollars) of an investment of $10,000 at the stated interest rate after the stated amount of time. 6% per year, compounded daily (assume 365 days/year), after 12 years 1c.) Compute the specified quantity. The simple interest on a $2,000 loan at 2% per year amounted to $360. At what time t...
What is the future value of $100 invested at 10% compounded annually for 3 years? What...
What is the future value of $100 invested at 10% compounded annually for 3 years? What is the future value of $100 invested at 10% compounded annually for 10 years? What is the present value of an investment that will give you $100 after 10 years with a rate of 10% compounded annually? You end up with $20,000 after investing for 20 years at 8% annually. What was the PV? Maverick Jane places $800 in a savings account paying 6%...
1.The future value of 3500 dollars invested at 4.5% per year compounded quarterly for six years...
1.The future value of 3500 dollars invested at 4.5% per year compounded quarterly for six years is         ?          dollars. Answer is whole number of dollars, no $ sign. 2. The future value of 810 dollars invested at 5.2% per year compounded monthly for twenty years is     ?         dollars. Answer is whole number of dollars, no $ sign. 3. How much do you need to invest at 3.1% per year compounded continuously for nine years to have 5000 dollars at the...
What is the future value? Juan Garza invested $105,000 4 years ago at 16 percent, compounded...
What is the future value? Juan Garza invested $105,000 4 years ago at 16 percent, compounded quarterly. How much has he accumulated? Use Appendix A for an approximate answer but calculate your final answer using the formula and financial calculator methods. (Do not round intermediate calculations. Round your final answer to 2 decimal places.)   
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT