SOLUTION: Any help with this would be great. Thanks so much!
Maya has deposited $600 in an account that pays 5.64% interest, compounded continuously. How long will it take for her money t
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Exponential-and-logarithmic-functions
-> SOLUTION: Any help with this would be great. Thanks so much!
Maya has deposited $600 in an account that pays 5.64% interest, compounded continuously. How long will it take for her money t
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Question 70513: Any help with this would be great. Thanks so much!
Maya has deposited $600 in an account that pays 5.64% interest, compounded continuously. How long will it take for her money to double? Answer by stanbon(75887) (Show Source):
You can put this solution on YOUR website! Maya has deposited $600 in an account that pays 5.64% interest, compounded continuously. How long will it take for her money to double?
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A(t)=600e^(0.0564t)
You want A(t) to equal 1200
1200=600e^(0.0564t)
divide both sides by 600 to get:
2=e^(0.0564t)
Take the natural log of both sides to get:
ln2=0.0564t
Divide both sides by 0.0564 to get:
t=12.289..yrs.
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Cheers,
Stan H.
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