kyleigh1524 kyleigh1524

03-01-2018
Mathematics

contestada

how long will it take $20,000 earning 3.5% annual interest to double in value?

Respuesta :

eveonyinkwa25 eveonyinkwa25

04-01-2018

A = Pert is formula for continuously compounded interestA = final amount = 2000P = principal = 1000e = euler's number (on calculator)r = interest rate as decimal = .075t = time in years
2000 = 1000e.075t e.075t = 2000/1000e.075t = 2take natural log of both sidesln e.075t = ln 2.075t = ln 2t = ln2/.075t = 9.24 years

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