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Questions: Algebra BusinessCalculus

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Algebra
Exponentials
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Yumiko invests $4200 in a Certificate of Deposit at 8.0% interest compounded 6 times per year.

  1. Find the equation that represents the account balance at time \(\displaystyle t\).
  2. When will the account double? e.g. when will it be $8400. Round your solution to the nearest tenth of a year.

  1. Using the compounded interest formula gives \(\displaystyle A = 4200 \cdot 1.01333333333333^{6 t}\).
  2. It will take about 8.7 years.

Download \(\LaTeX\) 

\begin{question}Yumiko invests \$4200 in a Certificate of Deposit at 8.0\% interest compounded 6 times per year.
\begin{enumerate}
    \item (10pts) Find the equation that represents the account balance at time $t$.
        \soln{2.5cm}{
            Using the compounded interest formula gives $A = 4200 \cdot 1.01333333333333^{6 t}$. 
        }
    \item (10pts) When will the account double? e.g. when will it be \$8400. Round your solution to the nearest tenth of a year.
        \soln{2.5cm}{
            It will take about 8.7 years. 
        }
\end{enumerate}
\end{question}

Download Question and Solution Environment\(\LaTeX\)
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\begin{document}\begin{question}(10pts) The question goes here!
    \soln{9cm}{The solution goes here.}

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HTML for Canvas 
<p> <p>Yumiko invests &#36;4200 in a Certificate of Deposit at 8.0&#37; interest compounded 6 times per year.
<ol type="a">
	<li>Find the equation that represents the account balance at time  <img class="equation_image" title=" \displaystyle t " src="/equation_images/%20%5Cdisplaystyle%20t%20" alt="LaTeX:  \displaystyle t " data-equation-content=" \displaystyle t " /> .</li>
	<li>When will the account double? e.g. when will it be &#36;8400. Round your solution to the nearest tenth of a year.</li>

</ol>
</p> </p>
HTML for Canvas
<p> <p>
<ol type="a">
	<li>Using the compounded interest formula gives  <img class="equation_image" title=" \displaystyle A = 4200 \cdot 1.01333333333333^{6 t} " src="/equation_images/%20%5Cdisplaystyle%20A%20%3D%204200%20%5Ccdot%201.01333333333333%5E%7B6%20t%7D%20" alt="LaTeX:  \displaystyle A = 4200 \cdot 1.01333333333333^{6 t} " data-equation-content=" \displaystyle A = 4200 \cdot 1.01333333333333^{6 t} " /> .</li>
	<li>It will take about 8.7 years.</li>
</ol></p> </p>