Input Data
Adrian
Investment
P = $380
Interes rate
r = 4.75 %
Compound daily
Jason
Investment
P = $380
Interest rate
r = 4.5%
Compound continuously
How much money Adrian when Jason double in value
Procedure
Jason
First, convert R percent to r a decimal
r = R/100
r = 4.5%/100
r = 0.045 per year,
Then, solve our equation for t
t = ln(A/P) / r
t = ln(760.00/380.00) / 0.045
t = 15.403 years
Summary:
The time required to get
a total amount of $ 760.00
from compound interest on a principal of $ 380.00
at an interest rate of 4.5% per year
and compounded continuously
is 15.403 years. (about 15 years 5 months)
Adrian
First, convert R percent to r a decimal
r = R/100
r = 4.75%/100
r = 0.0475 per year,
Then, solve our equation for A
A = P(1 + r/n)^(nt)
A = 380.00(1 + 0.000130137/365)(365)(15.403)
A = $ 789.79
Summary:
The total amount accrued, principal plus interest,
from compound interest on an original principal of
$ 380.00 at a rate of 4.75% per year
compounded 365 times per year
over 15.403 years is Summary:
The total amount accrued, principal plus interest,
from compound interest on an original principal of
$ 380.00 at a rate of 4.75% per year
compounded 365 times per year
over 15.403 years is $ 789.79.
The answer would be $790