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(A) Use logarithms to solve the problems. How long will it take $15,000 to grow to...

(A) Use logarithms to solve the problems.

How long will it take $15,000 to grow to $18,000 if the investment earns interest at the rate of 5%/year compounded monthly? (Round your answer to two decimal places.)

yr

How long will it take an investment of $5000 to triple if the investment earns interest at the rate of 3%/year compounded daily? (Round your answer to two decimal places.)

yr

Find the interest rate needed for an investment of $3000 to double in 5 years if interest is compounded continuously. (Round your answer to two decimal places.)

  %/year

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Expert Solution

milcah answered 2 years ago
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