17. -12 points SPreCalc6 4.5.075 A man invests $3000 in an account that pays 7.5

Question

17. -12 points SPreCalc6 4.5.075 A man invests $3000 in an account that pays 7.5% interest per year, compounded quarterly. (a) Find the amount after 3 years? (Round your answer to the nearest cent.) (b) How long will it take for the investment to double? (Round your answer to two decimal places yr 18. O 0/2 points | Previous Answers SPreCalc6 4.5.076.MI A woman invests $5700 in an account that pays 6% interest per year, compounded continuously. (a) What is the amount after 2 years? (Round your answer to the nearest cent.) $2.822 (b) How long will it take for the amount to be $11,000? (Round your answer to two decimal places yr

Explanation / Answer

17) amount invested = $ 3000

rate = 7.5%

time = 3 years

A = 3000 ( 1 + .075/4 )^12

A = 3749.15

amount after 3 years = $ 3749.15

b) 2* 3000 = 3000 ( 1 + .075/4 )^4t

ln 2 = 1.01875^4t

4t = ln 2 / ln 1.01875

t = 9.33

it will take 9.33 year to double

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