Yumiko invests $7500 in a Certificate of Deposit at 9.2% 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 $15000. Round your solution to the nearest tenth of a year.

  1. Using the compounded interest formula gives LaTeX: \displaystyle A = 7500 \cdot 1.03066666666667^{3 t} .
  2. It will take about 7.6 years.