document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=1065825>Question 1065825</A>: <I><SPAN STYLE=\"word-break: break-all;\"> Joe deposits $1,300 in an account that pays 2% annual interest compounded continuously. \r<BR>\n" );
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document.write( "a. How much will Joe have in his account after 5 years?<BR>\n" );
document.write( "b. How long will it take Joe to double his money? Use natural logarithms and            explain your answer.<BR>\n" );
document.write( "c. In one or two sentences explain how the answers in part a and b will chance  if the interest is compounded annually? You do not need to show .  . . calculations to answer this part. </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #681002 by </B><A HREF=/tutors/aboutme.mpl?userid=addingup><B>addingup(3677)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=addingup><IMG SRC=http://www.algebra.com/images/aboutme-small.gif BORDER=0 alt=\"About Me\" VALIGN=MIDDLE></A>&nbsp;<IMG SRC=http://www.algebra.com/cgi-bin/show-face.mpl?user=addingup><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=681002\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> a):<BR>\n" );
document.write( "P*e^(rt)<BR>\n" );
document.write( "1300*e^(rt)<BR>\n" );
document.write( "1300*e^(0.02*5) = 1436.72<BR>\n" );
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document.write( "b):<BR>\n" );
document.write( "(ln(2))/0.02 = 34.66<BR>\n" );
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document.write( "c)<BR>\n" );
document.write( "you answer it. The formula for a) compounded annually is: Amount = 1300(1+0.02)^5<BR>\n" );
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