Yumiko invests $5900 in a Savings Account at 5.1% 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 $11800. Round your solution to the nearest tenth of a year.

  1. Using the compounded interest formula gives LaTeX: \displaystyle A = 5900 \cdot 1.017^{3 t} .
  2. It will take about 13.7 years.