An Amount of Money Deposited in a Savings Account Grows

question 57

Short Answer

An amount of money deposited in a savings account grows at a rate proportional to the amount present. (It can be shown that an amount of money grows in this manner if it earns interest compounded continuously.) Suppose $50,000 is deposited in a fixed account earning interest at the rate of 8%/year compounded continuously. What is the accumulated amount after 6 yr? Round the answer to the nearest cent. $__________ How long does it take for the original deposit to double in value? Round the answer to the nearest tenth, if necessary. __________ yr

---

Definitions:

Ethnocentric

The belief in the superiority of one's own ethnic group over others.

Sales Division

A segment of a business organization that is responsible for selling the company's products or services.

Diversity

Refers to the inclusion of different types of people (such as people of different races, cultures, genders, etc.) within a group or organization.

Workforce Diversity

The inclusion of individuals from a variety of backgrounds, such as different races, ethnicities, genders, ages, sexual orientations, etc., in the workplace.