SOLUTION: Please explain:
Suppose $2800 is invested in an account at an annual interest rate of 3.7% compounded continuously. How long (to the nearest tenth of a year) will it take to doubl
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-> SOLUTION: Please explain:
Suppose $2800 is invested in an account at an annual interest rate of 3.7% compounded continuously. How long (to the nearest tenth of a year) will it take to doubl
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Question 1140848: Please explain:
Suppose $2800 is invested in an account at an annual interest rate of 3.7% compounded continuously. How long (to the nearest tenth of a year) will it take to double in size?
Thank you. Answer by ikleyn(52771) (Show Source):
They want you solve this equation
2*2800 = ,
where t is the time (in years).
It is direct translation of the text formulation to Math.
To solve this equation and find "t", first divide both sides by 2800. You will get
2 = .
Take the natural logarithm of both sides. You will get
ln(2) = 0.037*t,
t = = 18.73.
ANSWER. 18.73 years are needed. It is about 18 years and 9 months.
19 years is enough.
