SOLUTION: I need a little help breaking down this type of problem, thank you in advance Suppose that ​$60,000 is invested at 6​%​ interest, compounded annually. After ti

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Question 1130476: I need a little help breaking down this type of problem, thank you in advance
Suppose that ​$60,000 is invested at 6​%​ interest, compounded annually. After time​ t, in​ years, it grows to the amount A given by the function ​A(t)=​$60,000​(1.06​)
Superscript t.
​a) Find the amount of time after which there will be ​$600,000 in the account.
​b) Find the doubling time.
A)After what amount of time will there be ​$600,000 in the​ account?____years
​(Round to the nearest tenth of a​ year.)
B)Doubling time__________
Answer by josgarithmetic(39614)   (Show Source): You can put this solution on YOUR website!
The doubling time is 12 years.
Compounding period is ONE YEAR; no partial earnings for fractions of a year.

11 years --------113898 dollars
12 years --------120732 dollars
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