SOLUTION: Complete the table for a savings account in which interest is compounded continuously. (Round your answers to four decimal places.)
Initial Investment = $300
Amount after 14 y
Algebra.Com
Question 1183340: Complete the table for a savings account in which interest is compounded continuously. (Round your answers to four decimal places.)
Initial Investment = $300
Amount after 14 years = $385.21
I found the annual rate to be 1.7858%
I am looking for the time to double(in years). I figured it to be 38.8144 but this answer is incorrect. Please help!
Found 2 solutions by ankor@dixie-net.com, Solver92311:
Answer by ankor@dixie-net.com(22740) (Show Source): You can put this solution on YOUR website!
Complete the table for a savings account in which interest is compounded continuously. (Round your answers to four decimal places.)
Initial Investment = $300
Amount after 14 years = $385.21
:
the formula
= A
so we have
= 385.21
So that is right
:
I am looking for the time to double(in years).
= 600
or
= 2
.017858t = ln(2)
t = 38.8 yrs, I think you are right, unless they want you to round up to 39 yrs
Answer by Solver92311(821) (Show Source): You can put this solution on YOUR website!
You shouldn't have rounded your interest rate calculation before you used it in the time-to-double calculation. Try 38.8153 years. Then tell your instructor to pull his or her head out of his or her ass for wanting more than one digit precision for such a calculation. The difference between your answer and the "correct" one is just shy of 8 hours. Who in their right mind would give a rat's patoot about 8 hours when you are talking about almost 39 years?
John
My calculator said it, I believe it, that settles it
From
I > Ø
RELATED QUESTIONS
To save for a new car, Trafton invested $3,000 in a savings account that earns 6.5%... (answered by Theo)
To save for a new car, Trafton invested $7,000 in a savings account that earns 6.5%... (answered by ankor@dixie-net.com)
$24,000 is deposited for 5 years in an account earning 7% interest. (Round your answers... (answered by Theo)
$24,000 is deposited for 5 years in an account earning 7% interest. (Round your answers... (answered by greenestamps)
To save for a new car, Trafton invested $3,000 in a savings account that earns 1.5%... (answered by josmiceli)
$24,000 is deposited for 5 years in an account earning 7% interest. (Round your answers... (answered by josgarithmetic)
$24,000 is deposited for 5 years in an account earning 7% interest. (Round your answers... (answered by Boreal)
Complete the table assuming continuously compounded interest. (Round your answers to two... (answered by htmentor)
Complete the table assuming continuously compounded interest. (Round your answers to two... (answered by ankor@dixie-net.com,greenestamps)