The amount of money A as a function of time in years t, given an initial amount P, an interest rate r, and compounded n times per year is: A = P(1 + r/n)nt  The amount compounded continuously is: A = P ert The amount of an account at a particular time is given by: A = 5000(1 + 0.035/12)60  For how many years does this equation represent the amount?   5 years   60 years   12 years

Intermediate Algebra
19th Edition
ISBN:9780998625720
Author:Lynn Marecek
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Chapter10: Exponential And Logarithmic Functions
Section10.2: Evaluate And Graph Exponential Functions
Problem 10.31TI: Angela invested $15,000 in a savings account. If the interest rate is 4%, how much will be in the...
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The amount of money A as a function of time in years t, given an initial amount P, an interest rate r, and compounded n times per year is:

A = P(1 + r/n)nt 

The amount compounded continuously is:

A = ert

The amount of an account at a particular time is given by:

A = 5000(1 + 0.035/12)60 

For how many years does this equation represent the amount?

 

5 years

 

60 years

 

12 years

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