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(Solved): Exercise 7 Sally decides to invest $27000 in an account earning an annual interest rate of 3.7% comp ...
Exercise 7
Sally decides to invest $27000 in an account earning an annual interest rate of 3.7% compounded
quarterly. The value of her investment after t years is F(t)=27(1.038^(t)) thousand dollars.
(a) What will the value of Sally's investment be after 30 years?
(b) What is the constant (annual) percentage change of Sally's investment?
(c) How long will it take for Sally's investment to double?