document.write( "Question 1153872: How long will it take for $1,000 to be worth $1,500 at 5% interest, compounded continuously? Round your answer to the nearest hundredth of a year. \n" ); document.write( "

Algebra.Com's Answer #776190 by ikleyn(52799) $\"\"$ $\"About$

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document.write( "1500 = ,\r\n" );
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document.write( "t is the time in years;  \"e\" is the base of natural logarithm,  e = 2.71828... (approx.)\r\n" );
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document.write( " = \r\n" );
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document.write( "1.5 = \r\n" );
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document.write( "Take the natural logarithm of both sides\r\n" );
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document.write( "ln(1.5) = 0.05*t\r\n" );
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document.write( "t =  = 8.109 = 8.11 years (rounded as required).    ANSWER\r\n" );
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\n" ); document.write( "\n" ); document.write( "It is a standard way to solve such problems (with continuous compounding).\r
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\n" ); document.write( "\n" ); document.write( "MEMORIZE it as a MANTRA.\r
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\n" ); document.write( "\n" ); document.write( "See the lesson\r
\n" ); document.write( "\n" ); document.write( " - Problems on continuously compound accounts \r
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\n" ); document.write( "\n" ); document.write( "Also, you have this free of charge online textbook in ALGEBRA-I in this site\r
\n" ); document.write( "\n" ); document.write( " - ALGEBRA-I - YOUR ONLINE TEXTBOOK.\r
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\n" ); document.write( "\n" ); document.write( "The referred lessons are the part of this online textbook under the topic \"Logarithms\".\r
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\n" ); document.write( "\n" ); document.write( "Save the link to this online textbook together with its description\r
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\n" ); document.write( "\n" ); document.write( "Free of charge online textbook in ALGEBRA-I
\n" ); document.write( "https://www.algebra.com/algebra/homework/quadratic/lessons/ALGEBRA-I-YOUR-ONLINE-TEXTBOOK.lesson\r
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\n" ); document.write( "\n" ); document.write( "to your archive and use it when it is needed.\r
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