document.write( "Question 624014: How many years will it take $6,000 to amount to $8,000 if it is invested at an annual rate of 9.0% compounded continuously? \n" ); document.write( "
Algebra.Com's Answer #392485 by EdwinParker(16)\"\" \"About 
You can put this solution on YOUR website!
How many years will it take $6,000 to amount to $8,000 if it is invested at an annual rate of 9.0% compounded continuously?
\n" ); document.write( "
\r\n" );
document.write( "A = Pert\r\n" );
document.write( "\r\n" );
document.write( "A = final amount = 8000\r\n" );
document.write( "P = beginning amount = 6000\r\n" );
document.write( "r = rate expressed as a decimal = .09\r\n" );
document.write( "t = the number of years = (unknown)\r\n" );
document.write( "\r\n" );
document.write( "8000 = (6000)e(.09)t\r\n" );
document.write( "\r\n" );
document.write( "Divide both sides by 6000\r\n" );
document.write( "\r\n" );
document.write( "\"8000%2F6000\" = e.09t\r\n" );
document.write( "\r\n" );
document.write( "\"4%2F3\" = e.09t\r\n" );
document.write( "\r\n" );
document.write( "Since A = eB is equivalent to B = ln(A),\r\n" );
document.write( "\r\n" );
document.write( ",09t = ln(\"4%2F3\")\r\n" );
document.write( "\r\n" );
document.write( "   t = (\"4%2F3\")÷.09\r\n" );
document.write( "\r\n" );
document.write( "   t = 14.81481481...\r\n" );
document.write( "\r\n" );
document.write( "Answer: about 15 years.\r\n" );
document.write( "\r\n" );
document.write( "Edwon
\r
\n" ); document.write( "
\n" ); document.write( "
\n" ); document.write( "
\n" ); document.write( "
\n" ); document.write( "
\n" ); document.write( "\n" ); document.write( " \n" ); document.write( "
\n" );