SOLUTION: how many years will it take $6,000 to grow to $10,000 if it is invested at 3% (A) compounded quarterly? (B) compounded continuously?

Algebra ->  Customizable Word Problem Solvers  -> Finance -> SOLUTION: how many years will it take $6,000 to grow to $10,000 if it is invested at 3% (A) compounded quarterly? (B) compounded continuously?      Log On

Ad: Over 600 Algebra Word Problems at edhelper.com


    

Question 860951: how many years will it take $6,000 to grow to $10,000 if it is invested at 3%
(A) compounded quarterly? (B) compounded continuously?
Answer by ewatrrr(24785) About Me  (Show Source):
You can put this solution on YOUR website!
 

Hi,

A%28t%29+=+P%281%2Br%2Fn%29%5E%28nt%29

10000%2F6000+=+%281%2B.03%2F4%29%5E%284t%29  t = log%285%2F3%29%2F4log%281.0075%29

Continously

A = P e ^(rt),     log%285%2F3%29%2F.03+=+t