Use the Table feature of a graphing calculator to find how long it will take $1500 invested
Question:
Use the Table feature of a graphing calculator to find how long it will take $1500 invested at 2.75% compounded daily to triple in value. Zoom in on the solution by systematically decreasing the increment for x. Find the answer to the nearest day. (Find the answer to the nearest day by eventually letting the increment of x equal 1/365. The decimal part of the solution can be multiplied by 365 to determine the number of days greater than the nearest year. For example, if the solution is determined to be 16.2027 yr, then multiply 0.2027 by 365 to get 73.9855. The solution is then, to the nearest day, 16 yr, 74 days.) Confirm the answer algebraically.
Step by Step Answer:
College Algebra
ISBN: 978-0134697024
12th edition
Authors: Margaret L. Lial, John Hornsby, David I. Schneider, Callie Daniels