exolovetina1 exolovetina1

12-05-2017
Mathematics

contestada

A principal amount of $600 is placed into a bank account compounded continuously at 3.5%. How long does it take for the amount to reach $1000?

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Aliwohaish12 Aliwohaish12

12-05-2017

A=Pe^rt
1000=600×e^(0.035t)
Solve for t
T=(log(1,000÷600)÷log(e))÷0.035
T=14.6 years

Answer Link

hernandez7321 hernandez7321

12-05-2017

A=Pe^rt
1000=600×e^(0.035t)
Solve for t
T=(log(1,000÷600)÷log(e))÷0.035
T=14.6 years

Answer Link

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