SOLUTION: Aeris invest $100 compounded continuously. After 2 years, her account balance is $300. How long will it take for her account balance to be $24,300 and how long did it take for you
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-> SOLUTION: Aeris invest $100 compounded continuously. After 2 years, her account balance is $300. How long will it take for her account balance to be $24,300 and how long did it take for you
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Question 1140297: Aeris invest $100 compounded continuously. After 2 years, her account balance is $300. How long will it take for her account balance to be $24,300 and how long did it take for you account balance to double? Answer by ikleyn(52781) (Show Source):
Notice that the original deposit of 100 dollars triples in 2 years till 300 dollars.
It will triples further every 2 years.
Also notice that = = 81 = .
It means that after getting $300, this account needs four 2-years periods to grow in times.
Starting from $300, after 2 years the account will be $900.
After another 2 years, the account will be $2700.
After another 2 years, the account will be $8100.
Finally, after another 2 years, the account will grow to $24300.
ANSWER. In 8 years, the amount at the account will grow in 81 = times from $300 to $24300.
