SOLUTION: Need help with this. Thanks!
A woman deposits $50,000 in a savings account with 4% continuously compound interest. How many years must she wait until the balance has doubled?
Algebra ->
Exponential-and-logarithmic-functions
-> SOLUTION: Need help with this. Thanks!
A woman deposits $50,000 in a savings account with 4% continuously compound interest. How many years must she wait until the balance has doubled?
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Question 140090: Need help with this. Thanks!
A woman deposits $50,000 in a savings account with 4% continuously compound interest. How many years must she wait until the balance has doubled? Answer by scott8148(6628) (Show Source):
You can put this solution on YOUR website! the formula you need is A=Pe^(rt)
__ A is the Amount after time t
__ P is the Principal you start with
__ e is Euler's number (the base for natural logarithms)
__ r is the rate of interest
__ r and t have to use the same time units
100000=50000e^(.04t) __ dividing by 50000 __ 2=e^(.04t)
