SOLUTION: if emery has $1700 to invest at %12 per year compounded monthly, how long will it be before he has $2500? if the compounding is continous, how long will it be? round the answer to

Algebra ->  Exponential-and-logarithmic-functions -> SOLUTION: if emery has $1700 to invest at %12 per year compounded monthly, how long will it be before he has $2500? if the compounding is continous, how long will it be? round the answer to       Log On


   

Question 137398: if emery has $1700 to invest at %12 per year compounded monthly, how long will it be before he has $2500? if the compounding is continous, how long will it be? round the answer to three decimal places.....
the formula is A=Pe^rt for continous and A=P(1+r/n)^nt for monthly
Answer by stanbon(75887) About Me  (Show Source):
You can put this solution on YOUR website!
if emery has $1700 to invest at %12 per year compounded monthly, how long will it be before he has $2500? if the compounding is continous, how long will it be? round the answer to three decimal places.....
--------------------------------
A(t) = Pe^(rt)
2500 = 1700*e^[(0.12/12)t] where t is months
25/17 = e^(0.1t)
Take the natural log of both sides to get:
0.01t = ln(25/17) = 0.3857
t = 38.57 months
==================
Cheers,
Stan H.