Yumiko invests $8800 in a Certificate of Deposit at 1.7% interest compounded 6 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 $17600. Round your solution to the nearest tenth of a year.

  1. Using the compounded interest formula gives LaTeX: \displaystyle A = 8800 \cdot 1.00283333333333^{6 t} .
  2. It will take about 40.8 years.