Concept explainers
(a)
To find: The amount in the account be after 3 years.
(a)
Answer to Problem 11CRT
Explanation of Solution
Given: A sum of $25,000 is deposited into an account paying 5.4% interest per year, compounded daily.
Formula Used:
Sum,
Rate of interest,
Time,
Number of term,
Put above value sin formula.
Hence, the amount in the account after 3 years would be
(b)
To find: The time when amount in account becomes $35,000.
(b)
Answer to Problem 11CRT
6 years
Explanation of Solution
Given: A sum of $25,000 is deposited into an account paying 5.4% interest per year, compounded daily.
Formula Used:
Sum,
Rate of interest,
Amount,
Number of term,
Put above value into formula.
Hence, after 6 years amount reach to $35,000
(c)
To find: The time when initial value double.
(c)
Answer to Problem 11CRT
4 years 2 months
Explanation of Solution
Given: A sum of $25,000 is deposited into an account paying 5.4% interest per year, compounded daily.
Formula Used:
Sum,
Rate of interest,
Amount,
Number of term,
Put above value into formula.
Hence, after 13 years amount will be double.
Chapter 4 Solutions
Precalculus: Mathematics for Calculus - 6th Edition
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