K Recently, a certain bank offered a 10-year CD that earns 2.86% compounded continuously. Use the given information to answer the questions. (a) If $20,000 is invested in this CD, how much will it be worth in 10 years? approximately $ (Round to the nearest cent.) (b) How long will it take for the account to be worth $70,000? approximately years (Round to two decimal places as needed.)

Algebra & Trigonometry with Analytic Geometry
13th Edition
ISBN:9781133382119
Author:Swokowski
Publisher:Swokowski
Chapter5: Inverse, Exponential, And Logarithmic Functions
Section5.2: Exponential Functions
Problem 49E
Question
K
Recently, a certain bank offered a 10-year CD that earns 2.86% compounded continuously.
Use the given information to answer the questions.
(a) If $20,000 is invested in this CD, how much will it be worth in 10 years?
approximately $
(Round to the nearest cent.)
(b) How long will it take for the account to be worth $70,000?
approximately
years (Round to two decimal places as needed.)
Transcribed Image Text:K Recently, a certain bank offered a 10-year CD that earns 2.86% compounded continuously. Use the given information to answer the questions. (a) If $20,000 is invested in this CD, how much will it be worth in 10 years? approximately $ (Round to the nearest cent.) (b) How long will it take for the account to be worth $70,000? approximately years (Round to two decimal places as needed.)
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