SOLUTION: Bob is surprised. An ancestor deposited $20.00 in a savings account. The annual rate is 4% compounded continuously. Bob is inheriting $32,000. In what year was the account opened i

Question 1096037: Bob is surprised. An ancestor deposited $20.00 in a savings account. The annual rate is 4% compounded continuously. Bob is inheriting $32,000. In what year was the account opened if Bob is inheriting this year ?
Found 3 solutions by addingup, MathTherapy, ikleyn:
Answer by addingup(3677)   (Show Source): You can put this solution on YOUR website!
32,000 = 20e^(0.04t)
e^(0.04t) = 1600
log(e^(0.04)t) = log(1600}
0.04t = log(1600)
t = log(1600)/0.04 = 80.1 years
Answer by MathTherapy(10557)   (Show Source): You can put this solution on YOUR website!
Bob is surprised. An ancestor deposited $20.00 in a savings account. The annual rate is 4% compounded continuously. Bob is inheriting $32,000. In what year was the account opened if Bob is inheriting this year ?

80+ YEARS is INCORRECT/WRONG/INACCURATE.
Correct answer:
Answer by ikleyn(52908)   (Show Source): You can put this solution on YOUR website!
.
Bob is surprised. An ancestor deposited $20.00 in a savings account. The annual rate is 4% compounded continuously.
Bob is inheriting $32,000. In what year was the account opened if Bob is inheriting this year ?
~~~~~~~~~~~~~~~~~~~~~~~~~~~

32000 = 20*e^(0.04*t), ====> e^(0.04*t) = = = ====> 0.04*t = ln(1600) ====> t = *ln(1600) = 184.44 years.

RELATED QUESTIONS
As a savings plan for college, when their son Bob was born, the Wilburs deposited $10,000 (answered by dragonmomma)
As a savings plan for college, when their son Bob was born, the Wilburs deposited $10,000 (answered by stanbon)
$1000 is deposited in a savings account that pays an annual rate of 6%, compounded... (answered by stanbon)
how much money will there be in an account at the end of 7 years of 11000 is deposited at (answered by Alan3354)
$800 is deposited in an account with a 9% interest rate, compounded continuously. what is (answered by ikleyn)
Five hundred dollars is deposited in a savings account. If the interest rate is 10%... (answered by solver91311)
If $100 dollars is deposited in a savings account that pays interest at a rate of 12.5%... (answered by Kbear,MathTherapy)
An initial deposit of $3000 is made in a savings account for which the interest is... (answered by stanbon)
How much money will there be in an account at the end of 5 years if $11000 is deposited... (answered by rfer)