SOLUTION: Please help me understand this and solve. Thanks!
Maya has deposited $600 in an account that pays 5.64% interest, compounded continuously. How long will it take for her money to
Algebra ->
Exponential-and-logarithmic-functions
-> SOLUTION: Please help me understand this and solve. Thanks!
Maya has deposited $600 in an account that pays 5.64% interest, compounded continuously. How long will it take for her money to
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Question 140094: Please help me understand this and solve. Thanks!
Maya has deposited $600 in an account that pays 5.64% interest, compounded continuously. How long will it take for her money to double? 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
1200=600e^(.0564t) __ dividing by 600 __ 2=e^(.0564t)
