SOLUTION: Complete the table for a savings account in which interest is compounded continuously. (Round your answers to four decimal places.)
Initial Investment = $300
Amount after 14 y
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-> SOLUTION: Complete the table for a savings account in which interest is compounded continuously. (Round your answers to four decimal places.)
Initial Investment = $300
Amount after 14 y
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Question 1183340: Complete the table for a savings account in which interest is compounded continuously. (Round your answers to four decimal places.)
Initial Investment = $300
Amount after 14 years = $385.21
I found the annual rate to be 1.7858%
I am looking for the time to double(in years). I figured it to be 38.8144 but this answer is incorrect. Please help! Found 2 solutions by ankor@dixie-net.com, Solver92311:Answer by ankor@dixie-net.com(22740) (Show Source):
You can put this solution on YOUR website! Complete the table for a savings account in which interest is compounded continuously. (Round your answers to four decimal places.)
Initial Investment = $300
Amount after 14 years = $385.21
:
the formula = A
so we have = 385.21
So that is right
:
I am looking for the time to double(in years). = 600
or = 2
.017858t = ln(2)
t = 38.8 yrs, I think you are right, unless they want you to round up to 39 yrs
You shouldn't have rounded your interest rate calculation before you used it in the time-to-double calculation. Try 38.8153 years. Then tell your instructor to pull his or her head out of his or her ass for wanting more than one digit precision for such a calculation. The difference between your answer and the "correct" one is just shy of 8 hours. Who in their right mind would give a rat's patoot about 8 hours when you are talking about almost 39 years?
John
My calculator said it, I believe it, that settles it
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