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(39630)   (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
|
|
|
