Personal Banking—Doubling Time: Now assume that Elizabeth deposits $6000 at a 5.75% annual interest rate compounded monthly.
(a) Write and graph the compound interest function A for the given information.
(b) Find the doubling time of this new account. Compare your answer to part (c) of Exercise 1.
Exercise 1
Personal Banking—Doubling Time: Suppose Elizabeth deposits $4000 at 5.75% annual interest compounded monthly.
(a) Write the compound interest function A for the given information.
(b) Graph A in the viewing window [0,16] by [4000, 10,000].
(c) Use your calculator to graphically find the amount of time that it takes the account to accumulate a total balance of $8000. This is called the doubling time of the account.
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