Use the correct compound interest formula: A = P(1 + 2) t A = Pert If $5000 is put aside in a money market account with interest compounded continuously at 3.2%, find the time required for the account to grow to $6000. 5.7 yrs 4.7 yrs 6.3 yrs 65 yrs or

Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
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ISBN:9780079039897
Author:Carter
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Chapter7: Exponents And Exponential Functions
Section: Chapter Questions
Problem 69SGR
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Use the correct compound interest formula:
nt
A = P(1 +
T
A = Pert
If $5000 is put aside in a money market account with interest compounded
continuously at 3.2%, find the time required for the account to grow to $6000.
5.7 yrs
4.7 yrs
6.3 yrs
6.5 yrs
or
Transcribed Image Text:Use the correct compound interest formula: nt A = P(1 + T A = Pert If $5000 is put aside in a money market account with interest compounded continuously at 3.2%, find the time required for the account to grow to $6000. 5.7 yrs 4.7 yrs 6.3 yrs 6.5 yrs or
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