Answered

Join the conversation on IDNLearn.com and get the answers you seek from experts. Ask your questions and get detailed, reliable answers from our community of knowledgeable experts.

You invest $2500 in an account at interest rate r, compounded continuously. Find the time required for the amount to double and triple. (Round your answers to twodecimal places.)r = 0.0465(a) doubleyr(b) tripleуг

Sagot :

P= 2500

r= 0.0465

A= P. e^(rt)

Where:

A = final mount

P = principal investment

r= rate

T= time (years)

To double it:

2 x 2500 = 2500 e^(0.0465 x t)

(2 x2500)/2500= e^(0.0465 x t)

2= e^(0.0465 x t)

Ln 2 = Ln e^(0.0465 x t)

Ln2 =0.0465t (Ln e)

Ln2 = 0.0465 t

t = Ln2 /0.0465

t= 14.91 years

Triple:

3 x2500 = 2500 e^(0.0465 t)

(3 x 2500 ) /2500 = e^(0.0465 t)

3 = e^(0.0465 t)

ln3 = ln e^(0.0465 t)

ln3 = 0.0465t Lne

ln3= 0.0465t

ln3/0.0465 =t

t= 23.63 y

Thank you for joining our conversation. Don't hesitate to return anytime to find answers to your questions. Let's continue sharing knowledge and experiences! IDNLearn.com has the solutions to your questions. Thanks for stopping by, and see you next time for more reliable information.