Question

Someone please help

Answer 1

Explanation:

Exponential function representing final amount with compound interest compounded continuously,

`A=Pe^(rt)`

Here, A = Final amount

P = principal amount

r = Rate of interest

t = Duration of investment

For P = $9600

r = 6%

A = 2 × 9600 = $19200

By substituting these values in the formula,

`19200=9600(e)^(0.06* t)`

`2=e^(0.06t)`

`ln(2)=ln(e^(0.06t))`

ln(2) = 0.06t

t =
`(0.693147)/(0.06)`

t = 11.55245

t ≈ 11.5525 years

Any amount will get doubled (with the same rate of interest and duration of investment) in the same time.

Therefore, $960000 will get doubled in 11.5525 years.