SOLUTION: Still trying to help my son with his homework. Here it is.
Bill needs $4000. If he has $1000, how long should he invest his money in and account compounded continuously at a r
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-> SOLUTION: Still trying to help my son with his homework. Here it is.
Bill needs $4000. If he has $1000, how long should he invest his money in and account compounded continuously at a r
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Question 733352: Still trying to help my son with his homework. Here it is.
Bill needs $4000. If he has $1000, how long should he invest his money in and account compounded continuously at a rate of 9.2%?
A=4000
P=1000
T=?
r=.092
4000=1000e^(.092)(t)
that is a formula that he gave me but I don't know how to get the "t" by itself. Help please! Thanks. Answer by Edwin McCravy(20060) (Show Source):
4000 = 1000e(.092)(t)
Divide both sides by 1000
4 = e(.092t)
Use the definition of a natural logarithm which is:
A = eC is equivalent to the equation C = ln(A)
where A = 4 and C = .092t
,092t = ln(4)
t =
t = 15.06841697 years or about 15 years
Edwin
