SOLUTION: How many years will it take for $2000 to grow to $3600 if invested at 3%? If A)compounded quarterly? and B)if compounded continously?
Algebra.Com
Question 767559: How many years will it take for $2000 to grow to $3600 if invested at 3%? If A)compounded quarterly? and B)if compounded continously?
Answer by solver91311(24713) (Show Source): You can put this solution on YOUR website!
For discrete compounding:
^{rt})
Where 
is the future value, 
is the present value, 
is the interest rate expressed as a decimal, 
is the number of compounding periods per year, and 
is the number of years.
For continuous compounding:
Where , , , and are as above and 
is transcendental irrational number that is the base of the natural logarithms.
Just plug in your numbers in each case and solve for
John
My calculator said it, I believe it, that settles it
RELATED QUESTIONS
how many years will it take $6,000 to grow to $10,000 if it is invested at 3%
(A)... (answered by ewatrrr)
5-2 (Compound value solving for n) how many years will the following take?
a. $500.00 to (answered by Theo)
Suppose that 5,700 is invested at 5% annual intrest rate, compounded monthly how much... (answered by rfer)
$1500 was invested at 8% compounded quarterly. Will it grow to $2000 in 4... (answered by stanbon)
How many years, correct to the nearest tenth of a year, will it take for a sum of money... (answered by stanbon)
How many years will it take $5,000 to grow to $7,500 if it is invested at 8% compounded... (answered by bam878s)
(Compound value solving for n)How many years will the following take?
a) $500 to grow... (answered by ewatrrr)
How long will it take $3,000 to grow to $14,000 if it is invested at 5% compounded... (answered by mananth)
Im sorry I haven't taken a math class in 20 years and I wasn't good to begin with and so... (answered by jim_thompson5910)
