SOLUTION: If 6000 dollars is invested in a bank account at an interest rate of 5 per cent per year compounded continuously. How many years will it take for your balance to reach 20000 dolla
Algebra.Com
Question 1205986: If 6000 dollars is invested in a bank account at an interest rate of 5 per cent per year compounded continuously. How many years will it take for your balance to reach 20000 dollars
Found 2 solutions by josgarithmetic, math_tutor2020:
Answer by josgarithmetic(39617) (Show Source): You can put this solution on YOUR website!
.
.
.
ignoring small fractional part, about 24 years
Answer by math_tutor2020(3817) (Show Source): You can put this solution on YOUR website!
approximately
approximately
It takes about 24.079 years depending how you round the final answer.
Check:
approximately
This rounds to 20,000 when rounding to the nearest cent.
RELATED QUESTIONS
If 5000 dollars is invested in a bank account at an interest rate of 4 per cent per... (answered by stanbon,solver91311)
If 8000 dollars is invested in a bank account at an interest rate of 10 per cent per... (answered by JulietG)
5000 dollars is invested in a bank account at an interest rate of 10 per cent per year,... (answered by TheProdicalSon)
7000 dollars is invested in a bank account at an interest rate of 6 percent per year,... (answered by greenestamps)
If 5000 dollars is invested in a bank account at an interest rate of 4 per cent per year, (answered by stanbon)
2000 dollars is invested in a bank account at an interest rate of 7 percent per year,... (answered by stanbon)
2000 dollars is invested in a bank account at an interest rate of 7 percent per year,... (answered by Fombitz)
$1100 is invested in an account at an interest rate of 5% per year, compounded... (answered by ewatrrr)
I have a problem solving this compound interest question.
Question : If 7000 dollars (answered by Mathtut)