SOLUTION: Solve the given problem releated to continuous compounding interest.
How long will it take $1,400 to triple if it is invested at an annual interest rate of 5.3% compounded conti
Algebra.Com
Question 1006195: Solve the given problem releated to continuous compounding interest.
How long will it take $1,400 to triple if it is invested at an annual interest rate of 5.3% compounded continuously? Round to the nearest year.
Answer by Boreal(15235) (Show Source): You can put this solution on YOUR website!
P=Poexp^(rt)
P/Po=3
3=exp^rt
ln3=rt
ln3/0.053=t
t=21 years
RELATED QUESTIONS
1) How long will it take for $5000.00 to grow to $15,000.00 if the annual interest rate... (answered by jim_thompson5910)
How long will it take to double my money at 8% interest rate and continuous... (answered by stanbon)
Need a little help here. Thanks!
If $5000 is invested at 4% how long will it take John (answered by solver91311)
A commonly asked question is, "How long will it take to double my money?" At 10%... (answered by stanbon)
Please help me with this problem,thanks. A commonly asked question is how long will it... (answered by stanbon)
A commonly asked question is, “How long will it take to double my money?” At 7% interest... (answered by stanbon)
how long will it take to $200 to triple itself if it is invested at 2% simple... (answered by stanbon)
How long will it take $8000 to triple itself if it is invested at 6% simple interest.
(answered by Edwin McCravy)
Please Help me with this word problem. This is my last assignment and I am stuck on... (answered by stanbon)