Register
Suppose you invest $2000 at an annual interest of 5.5% compounded continuously. a. How much will you have in the account in 10 years? b. How long will it take for the account to reach $5000?
112k views
17 votes
Suppose you invest $2000 at an annual interest of 5.5% compounded continuously.

a. How much will you have in the account in 10 years?
b. How long will it take for the account to reach $5000?

User Yogsototh
by
5.3k points

1 Answer

9 votes

Answer:


2000 * {1.055}^(10) = 3416.29


5000 / 2000 = 2.5


log_(1.055)(2.5) = 17.11

User Brice Rebsamen
by
5.4k points
Ask a Question
Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.

5.9m questions

7.7m answers

Other Questions

Solve for y in terms of x. 2/3y - 4 = x y = x + 6 y = -x + 4 y = -x + 6 y = x + 4
Aliyah has $24 to spend on seven pencils. After buying them she had $10. How much did each pencil cost?
Use the normal model ​n(11371137​,9696​) for the weights of steers. ​a) what weight represents the 3737thth ​percentile? ​b) what weight represents the 9999thth ​percentile? ​c) what's the iqr of the weights
Evaluate a + b when a = –16.2 and b = –11.4 A. –27.6 B. –4.8 C. 4.8 D. 27.6
What is the value of x? (-4) - x = 5
Link Copied!