SOLUTION: please help with this question.
If Tanisha has 1,000$ to invest at 7% per annum compounded annually,how long will it be before she has 2,000$ ?If the compounding is continu
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If Tanisha has 1,000$ to invest at 7% per annum compounded annually,how long will it be before she has 2,000$ ?If the compounding is continu
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If Tanisha has 1,000$ to invest at 7% per annum compounded annually,how long will it be before she has 2,000$ ?If the compounding is continuous,how long will it be? Answer by ikleyn(52786) (Show Source):
2000 = 1000*(1+0.07)^t where " t " is the time, in years.
=
2 =
Take the logarithm of both sides
log(2) = t*log(1.07)
t = = 10.24 years.
ANSWER. 11 years is enough time. 10 years is not enough.
