A community for students.
Here's the question you clicked on:
 0 viewing
CesarLovesNadia
 3 years ago
find the amount of time in years that it will take an investment of $1000 to double at 8%interest compounded continuosly. (hint A=Pe^rt
CesarLovesNadia
 3 years ago
find the amount of time in years that it will take an investment of $1000 to double at 8%interest compounded continuosly. (hint A=Pe^rt

This Question is Closed

cshalvey
 3 years ago
Best ResponseYou've already chosen the best response.2Hi @CesarLovesNadia  so you know the formula you need to use, correct? Are you able to put them together?

CesarLovesNadia
 3 years ago
Best ResponseYou've already chosen the best response.0no im not thats why its here i need help

cshalvey
 3 years ago
Best ResponseYou've already chosen the best response.2No problem, so the interest formula for compound interest is what you have listed. So, A is the number we are looking for, we have the rest. So, A = P (principal amount) x e (Napier's #, roughly 2.7183) ^ r (interest rate) x t (number of years). So, how about you try and put in the numbers you know, and I can help you with anything you don't understand?

cshalvey
 3 years ago
Best ResponseYou've already chosen the best response.2For the 'e'  your calculator will actually have this number built in, so don't worry about it for now :)

CesarLovesNadia
 3 years ago
Best ResponseYou've already chosen the best response.0so whats the answer?

CesarLovesNadia
 3 years ago
Best ResponseYou've already chosen the best response.0how many years would it be?

cshalvey
 3 years ago
Best ResponseYou've already chosen the best response.2@CesarLovesNadia  You have to learn how to do these problems  I'm not here to give you the answer. I WILL help you get there though, I promise. Can you try and put the variables from the word problem into the equation now?

CesarLovesNadia
 3 years ago
Best ResponseYou've already chosen the best response.0i diid i put 1000*2.7183^(0.08*1)

CesarLovesNadia
 3 years ago
Best ResponseYou've already chosen the best response.0it came out to be like 1000 something

cshalvey
 3 years ago
Best ResponseYou've already chosen the best response.2No worries  and good start. The problem states that you need to find the time, t, for your money to double. Therefore, you know that A = 2xP = 2000. So, your equation looks like this: \[2000 = 1000*e^(.08*t)\]

CesarLovesNadia
 3 years ago
Best ResponseYou've already chosen the best response.0the answer would be 2000 then?

ParthKohli
 3 years ago
Best ResponseYou've already chosen the best response.0Colm, it'd be \(2000 = 1000 \times e^{(0.8 \times t)}\) Sorry for interfering, guys.

ParthKohli
 3 years ago
Best ResponseYou've already chosen the best response.0@CesarLovesNadia You should appreciate Colm for helping you :) P.S. He's the major part behind OpenStudy ;)

cshalvey
 3 years ago
Best ResponseYou've already chosen the best response.2Heh, that's what I was writing  guess it showed up wrong. And no, @CesarLovesNadia you need to find the TIME, t in this equation, right? "find the amount of time in years"

CesarLovesNadia
 3 years ago
Best ResponseYou've already chosen the best response.0but what is it then?

CesarLovesNadia
 3 years ago
Best ResponseYou've already chosen the best response.0just help me and give me the answer

cshalvey
 3 years ago
Best ResponseYou've already chosen the best response.2@CesarLovesNadia  sorry, but you should read the Code of Conduct ( http://openstudy.com/codeofconduct)  we don't just give the answer. I can help you understand it though :) So now, you have to solve for T in that equation I and Parth just gave you. Can you start that?

CesarLovesNadia
 3 years ago
Best ResponseYou've already chosen the best response.0so would it be 2?

ParthKohli
 3 years ago
Best ResponseYou've already chosen the best response.0Heh—don't give me the credit. Keep it on, guys!

CesarLovesNadia
 3 years ago
Best ResponseYou've already chosen the best response.0help me with another one

cshalvey
 3 years ago
Best ResponseYou've already chosen the best response.2Given your equation 2000 = 1000 x e^(.08xT) We divide both sides by 1000 to give us this: 2 = e^(.08xT)

ParthKohli
 3 years ago
Best ResponseYou've already chosen the best response.0Wolfram time! http://www.wolframalpha.com/input/?i=e%5E%280.8t%29+%3D+2

ParthKohli
 3 years ago
Best ResponseYou've already chosen the best response.0Your Math is pretty good, Colm!

cshalvey
 3 years ago
Best ResponseYou've already chosen the best response.2@CesarLovesNadia  you'll probably want to use that link to get the real answer. Hint  it's not two.
Ask your own question
Sign UpFind more explanations on OpenStudy
Your question is ready. Sign up for free to start getting answers.
spraguer
(Moderator)
5
→ View Detailed Profile
is replying to Can someone tell me what button the professor is hitting...
23
 Teamwork 19 Teammate
 Problem Solving 19 Hero
 Engagement 19 Mad Hatter
 You have blocked this person.
 ✔ You're a fan Checking fan status...
Thanks for being so helpful in mathematics. If you are getting quality help, make sure you spread the word about OpenStudy.