Question

Suppose $650 is deposited into an account that pays 3.75% annual interest, compounded annually. The amount in the account, A, is given by the equation A = 650(1.0375)^n, where n is the number of years. Approximately how many years will it take for the amount in this account to double? Triple? Show working.

Name: suppose 650 is deposited into an account that pays 375 annual interest compounded annually the amount in the account a is given by the quotation a65010375n where n is the number of years app 32398
Uploaded: 2023-07-15T23:42:29-08:00
Duration: 1 min 51 s
Channel: Kathleen Carty
Description: suppose 650 is deposited into an account that pays 375 annual interest compounded annually the amount in the account a is given by the quotation a65010375n where n is the number of years app 32398

          Suppose $650 is deposited into an account that pays 3.75% annual interest, compounded annually. The amount in the account, A, is given by the equation A = 650(1.0375)^n, where n is the number of years. Approximately how many years will it take for the amount in this account to double? Triple? Show working.

Added by Julie M.

Geometry A Common Core Curriculum

Ron Larson, Laurie Boswell 1st Edition

Instant Answer

Solved by Expert Kathleen Carty

07/15/2023

Step 1

0375)^n Dividing both sides by 650, we get: 2 = 1.0375^n Taking the natural logarithm of both sides, we get: ln(2) = n ln(1.0375) Solving for n, we get: n = ln(2) / ln(1.0375) ≈ 18.5 Show more…

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Suppose $650 is deposited into an account that pays 3.75% annual interest, compounded annually. The amount in the account, A, is given by the equation A = 650(1.0375)^n, where n is the number of years. Approximately how many years will it take for the amount in this account to double? Triple? Show working.