SOLUTION: If Tanisha has $100 to invest at 5% per annum compounded semiannually, how long will it be before she has $150? Also, if the compounding is continuous, how long will it be?
Algebra ->
Customizable Word Problem Solvers
-> Misc
-> SOLUTION: If Tanisha has $100 to invest at 5% per annum compounded semiannually, how long will it be before she has $150? Also, if the compounding is continuous, how long will it be?
Log On
Question 1147321: If Tanisha has $100 to invest at 5% per annum compounded semiannually, how long will it be before she has $150? Also, if the compounding is continuous, how long will it be? Answer by Boreal(15235) (Show Source):
You can put this solution on YOUR website! this is 150=100(1+(.05/2))^2t where t is number of years
1.5=1.025^2t
ln both sides
0.4055=2t ln(1.025)
t=0.4055/2 ln (1.025)
t=8.21 years
after 8 years, it is $148.45, and after 8.5 years $152.16
