Question 93112This question is from textbook Algebra and Trigonometry
: The amount A in an account after t years from an initial pricnciple P invested at an annual rate r compounded continuosly is given by A=Pert where r is expressed as a decimal. How many years will it take an initial investment of $1,000 to grow to $1,700 at the rate of 4.42% compounded continously?
This question is from textbook Algebra and Trigonometry
Answer by stanbon(75887)   (Show Source):
You can put this solution on YOUR website! The amount A in an account after t years from an initial pricnciple P invested at an annual rate r compounded continuosly is given by A=Pe^(rt) where r is expressed as a decimal. How many years will it take an initial investment of $1,000 to grow to $1,700 at the rate of 4.42% compounded continously?
--------------
1700 = 1000e^(0.0442t)
1.7 = e^(0.0442t)
Take the natural log of both sides to get:
ln(1.7) = 0.0442t
t = 12.005 years
============
Cheers,
Stan H.
|
|
|
