SOLUTION: please help with this question. If Tanisha has ​1,000$ to invest at 7% per annum compounded annually,how long will it be before she has 2,000$ ?If the compounding is continu

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Question 1148202: please help with this question.

If Tanisha has ​1,000$ to invest at 7% per annum compounded annually,how long will it be before she has 2,000$ ?If the compounding is continuous,how long will it be?
Answer by ikleyn(52786)   (Show Source): You can put this solution on YOUR website!
.

2000 = 1000*(1+0.07)^t   where " t " is the time, in years.


 = 


2 = 


Take the logarithm of both sides


log(2) = t*log(1.07)


t =  = 10.24 years.


ANSWER.  11 years is enough time.  10 years is not enough.


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