anonymous
  • anonymous
Principle Amt: $5000, 8% compounded continuously; How many years would it take for the investment to grow to $7000?
Mathematics
  • Stacey Warren - Expert brainly.com
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SOLVED
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schrodinger
  • schrodinger
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anonymous
  • anonymous
Anybody know the formula?
anonymous
  • anonymous
A = P e^ (rt)
anonymous
  • anonymous
ok, now we have A=5000^(.08*t) ?

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anonymous
  • anonymous
A=5000 * e^(.08*t)
anonymous
  • anonymous
sorry that is what I meant....how do you solve for t now?
anonymous
  • anonymous
What's A?
anonymous
  • anonymous
$7000
anonymous
  • anonymous
Right, we are trying to grow from 5000 to 7000?
anonymous
  • anonymous
Yep, make sense, so plug it in in order to to figure out t :)
anonymous
  • anonymous
7000=5000e^(0.08*t) LN both sides to get LN7000=e^(.08*t) ? Or do you subtract 5000 from 7000 then LN both sides to get LN 2000 = e^(.08*t) ?
anonymous
  • anonymous
7000=5000e^(0.08*t) -> e^(0.08*t) = 7/5 LN both sides :
anonymous
  • anonymous
so you divide 7000/5000 and 5000/5000 to separate the e^(.08*t)?
anonymous
  • anonymous
Always!
anonymous
  • anonymous
so it should now read LN (7000/5000)=.08*t ?
anonymous
  • anonymous
ok, got it!!! Thanks for all your help!!!
anonymous
  • anonymous
The steps always the same :)

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