SOLUTION: you have $75 and invest it into an account that gives 2.5% annual interest and compounds continuously. How much longer would you invest if you wanted to quadruple your money instea
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Question 1034598: you have $75 and invest it into an account that gives 2.5% annual interest and compounds continuously. How much longer would you invest if you wanted to quadruple your money instead of doubling it?
Found 2 solutions by stanbon, MathTherapy:
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
you have $75 and invest it into an account that gives 2.5% annual interest and compounds continuously. How much longer would you invest if you wanted to quadruple your money instead of doubling it?
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A(t) = P*e^(r*t)
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4*75 = 75*e^(0.025t)
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e^(0.025t) = 4
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0.025t = ln(4)
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t = ln(4)/0.025 = 55.45 years
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Cheers,
Stan H.
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Answer by MathTherapy(10552) (Show Source): You can put this solution on YOUR website!
you have $75 and invest it into an account that gives 2.5% annual interest and compounds continuously. How much longer would you invest if you wanted to quadruple your money instead of doubling it?
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