Investments: The total amount of money in an account with P…
Investments: The total amount of money in an account with P dollars invested is given by the formula , where r is the rate expressed as a decimal and t is the time (in years). A. If $1000 is invested at 6% interest rate, find the total amount in the account after 6 months. $ (Hint: t is being measured in years in the formula, not months) B. How long will it take an investment of $6000, at an annual rate of 5%, to be worth $615? t= year(s)
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