89->94 MODELING For Exercises 89-94 find the time or rate required for each in g
ID: 3116420 • Letter: 8
Question
89->94
MODELING For Exercises 89-94 find the time or rate required for each in given in the table to grow to the specified amount. The lener W represents an unknown principal Ending Principal Balance Rate Compounded Time 89. $800 90. | $10,000 | $1,000,000| 7.75% | Annually 91. SW 92. SW 93. $500 94. $1000 S2500 95. Ben's Gift to Boston Ben Franklin's gift of S4000 to Bostorn $2000 8% | Daily S3W S2W $2000 10% | Quarterly 12% ! Monthly ?Annually 25 yr ? Monthly yt grew to $4.5 million in 200 years. At what interest rate com- pounded annually would this growth occur?Explanation / Answer
89) P = 800
ending balance = $ 2000
rate = 8%
compunded daily
A = P ( 1 + r/n )^t
2000 = 800 ( 1 + .08/365)^365t
t = 11.455 years
90)
A = P ( 1 + r )^t
1000000 = 10000( 1+ 0.0775)^t
t = 61.70 years
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