Uncover valuable information and solutions with IDNLearn.com's extensive Q&A platform. Discover the information you need quickly and easily with our reliable and thorough Q&A platform.

You deposit $7550 in an account that pays 7.25% interest, compounded continuously. How long to the
nearest year will it take for the money to triple?


Sagot :

[tex]~~~~~~ \textit{Continuously Compounding Interest Earned Amount} \\\\ A=Pe^{rt}\qquad \begin{cases} A=\textit{accumulated amount}\dotfill & \$\stackrel{tripled}{(7550)3}\\ P=\textit{original amount deposited}\dotfill & \$7550\\ r=rate\to 7.25\%\to \frac{7.25}{100}\dotfill &0.0725\\ t=years \end{cases}[/tex]

[tex]3(7550)=7550e^{0.0725\cdot t}\implies \cfrac{3(7550)}{7550}=e^{0.0725t}\implies 3=e^{0.0725t} \\\\\\ \log_e(3)=\log_e\left( e^{0.0725t} \right)\implies \ln(3)=0.0725t \\\\\\ \cfrac{\ln(3)}{0.0725}=t\implies 15.15327\approx t\implies 15\approx t[/tex]

We appreciate every question and answer you provide. Keep engaging and finding the best solutions. This community is the perfect place to learn and grow together. Find reliable answers at IDNLearn.com. Thanks for stopping by, and come back for more trustworthy solutions.