Avery invested $200 in an account paying an interest rate of 6 7/8%
2 answers:
Answer:
0.73 yrs
Step-by-step explanation:
if t is time in years
quarterly
600 = 200(1 + 0.06625/4)^4t
3 = (1 + 0.06625/4)^4t
ln3 = 4tln(1. + 06625/4)
t = ln3 / (4ln1.0165625)
t = 16.7198 yrs
continuously
600 = 200e^(0.06875t)
3 = e^(0.06875t)
ln3 = 0.06875t
t = ln3 / 0.06875
t = 15.9798 years
Δt = 16.7198 - 15.9798 = 0.73 yrs
Answer:
15
Step-by-step explanation:
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