SOLUTION: please help
Suppose that you invest $3,000 into an account that pays 4.3% interest compounded continuously, find to the nearest tenth of a year when the account will be worth $9
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Exponential-and-logarithmic-functions
-> SOLUTION: please help
Suppose that you invest $3,000 into an account that pays 4.3% interest compounded continuously, find to the nearest tenth of a year when the account will be worth $9
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Question 331898: please help
Suppose that you invest $3,000 into an account that pays 4.3% interest compounded continuously, find to the nearest tenth of a year when the account will be worth $9,000.
thanks Answer by jrfrunner(365) (Show Source):
You can put this solution on YOUR website! F=Future value
r=annual interest rate
t= number of years
I=Initial investment
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The formula for continuously compounded value is
given F=9000, I=3000, r=4.3%, t=unknown
solve for t
ln(9000/3000)=0.043*t
ln(3)/0.043=t
can you finish this?
