Yumiko invests $1300 in a Certificate of Deposit at 4.9% interest compounded 3 times per year.

  1. Find the equation that represents the account balance at time LaTeX: \displaystyle t .
  2. When will the account double? e.g. when will it be $2600. Round your solution to the nearest tenth of a year.

  1. Using the compounded interest formula gives LaTeX: \displaystyle A = 1300 \cdot 1.01633333333333^{3 t} .
  2. It will take about 14.3 years.