BoyC125504 BoyC125504

25-10-2022
Mathematics

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If Danica has $1200 to invest at 8% per year compounded monthly, how long will it be before he has $2400? If the compounding is continuous,how long will it be? (Round your answers to three decimal places.)

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MeryJ541589 MeryJ541589

25-10-2022

ANSWER

EXPLANATION

a) To find the time it will take before he has $2400, we have to apply the formula for monthly compounded amount:

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