SOLUTION: 6. If you invest your money in an account that pays 1.5% interest compounded
continuously,
a) How long will it take to double your money?
b) How long will it take to triple you
Algebra.Com
Question 397408: 6. If you invest your money in an account that pays 1.5% interest compounded
continuously,
a) How long will it take to double your money?
b) How long will it take to triple your money?
Answer by robertb(5830) (Show Source): You can put this solution on YOUR website!
a) ==> ==> ln2 =0.015t
==> t = ln2/0.015 = 46.2 years.
b) ==> ==> ln3 =0.015t
==> t = ln3/0.015 = 73.24 years.
RELATED QUESTIONS
If you invest a sum of money in an account earning 16% annual interest compounded... (answered by robertb)
You deposit $8,329 in an account that pays 2.12% interest, compounded continuously. How... (answered by ikleyn)
A man makes a deposit of $50,000 into an account that pays an annual interest of 5%. How... (answered by math_tutor2020)
Suppose you deposit money in an ivestment account that pays 9% annual interest compounded (answered by robertb)
suppose you deposit money in an investment account that pays 7% annual interest... (answered by scott8148)
suppose you deposit money in an investment account that pays 7% annual interest... (answered by scott8148)
Suppose you invest your money into an account that pays 5.4% per year compounded... (answered by stanbon)
Suppose you invest $3000 in an account that pays 5.9% interest compounded continuously;... (answered by vleith)
Joe deposits $1,300 in an account that pays 2% annual interest compounded continuously.
(answered by addingup)