Question: If $5000 is invested at 9% per year compounded monthly, the future value S at any time t (in months) is given by S =

If $5000 is invested at 9% per year compounded monthly, the future value S at any time t (in months) is given by S = 5000(1.0075)t.

(a) What is the amount after 1 year?

(b) How long before the investment doubles?

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