SOLUTION: If a bank pays 4.4% interest compounded continuously, how long does it take to triple the original amount?
Here's what I tried:
y = a(1 + r)^t
3a = a(1 = 4.4) ^ t.
I solved f
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-> SOLUTION: If a bank pays 4.4% interest compounded continuously, how long does it take to triple the original amount?
Here's what I tried:
y = a(1 + r)^t
3a = a(1 = 4.4) ^ t.
I solved f
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Question 306024: If a bank pays 4.4% interest compounded continuously, how long does it take to triple the original amount?
Here's what I tried:
y = a(1 + r)^t
3a = a(1 = 4.4) ^ t.
I solved for t by first dividing by a, then using the property of equality for logarithms and came up with .65142 but I don't understand the answer. If t represents the time period, what is it? 65% of one year??
Or did I work it wrong?
Thank you! Answer by themathtutor2009(81) (Show Source):
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