anonymous
  • anonymous
John wants to invest $3000 in a savings certificate that bears an interest rate of 4% per year, compounded continuously. How long a period should he choose in order to save an amount of $5000?
Mathematics
chestercat
  • chestercat
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anonymous
  • anonymous
ahh 1 sec getting formula
anonymous
  • anonymous
I hate money problems, because I can never remember the formula :P
anonymous
  • anonymous
I = PRT

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anonymous
  • anonymous
wait thats basic =(
anonymous
  • anonymous
That's what I thought... compounding interest hurts my brain.
anonymous
  • anonymous
M = P( 1 + i )n M is the final amount including the principal. P is the principal amount. i is the rate of interest per year. n is the number of years invested
anonymous
  • anonymous
compound is 4 times per year
anonymous
  • anonymous
N is what I'm trying to find then?
anonymous
  • anonymous
5000=3000(1+.04)n
anonymous
  • anonymous
right?
anonymous
  • anonymous
n=1.602

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