An investment of $500 is made at 2.8% nominal interest compounded quarterly.
(a) Write an equation that models the amount A the investment is worth t-years after the principal has been
invested.
A(+) = P(11)
A(+) = 500 (1407) 44
(b) How much is the investment worth after 10 years?
A(10)=500
A(10): 500 (1078)40
660.919897
660.92
(c) Algebraically determine the number of years it will take for the investment to reach a worth of $800.
Round to the nearest hundredth
.
500 (14-0741-800
4
(1.007) = 800 =1.6
In (1.0074 = 11-6
41-0 (1-007)=√11-6
+= In 1.6 16 yrs
4/0 (1-007)
(d) Algebraically determine, to the nearest tenth of a year, how long it would take for the investment to double
the initial investment.
(e) What is the effective annual rate?
I need the last two pls helpppp