Got Homework?
Connect with other students for help. It's a free community.
Here's the question you clicked on:
 0 viewing
CesarLovesNadia
Group Title
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
 2 years ago
 2 years ago
CesarLovesNadia Group Title
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
 2 years ago
 2 years ago

This Question is Closed

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

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

cshalvey Group TitleBest ResponseYou've already chosen the best response.2
No 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?
 2 years ago

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

CesarLovesNadia Group TitleBest ResponseYou've already chosen the best response.0
so whats the answer?
 2 years ago

CesarLovesNadia Group TitleBest ResponseYou've already chosen the best response.0
how many years would it be?
 2 years ago

cshalvey Group TitleBest 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?
 2 years ago

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

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

cshalvey Group TitleBest ResponseYou've already chosen the best response.2
No 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: \[2000 = 1000*e^(.08*t)\]
 2 years ago

CesarLovesNadia Group TitleBest ResponseYou've already chosen the best response.0
so then wait
 2 years ago

CesarLovesNadia Group TitleBest ResponseYou've already chosen the best response.0
the answer would be 2000 then?
 2 years ago

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

CesarLovesNadia Group TitleBest ResponseYou've already chosen the best response.0
thanks
 2 years ago

ParthKohli Group TitleBest 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 ;)
 2 years ago

cshalvey Group TitleBest ResponseYou've already chosen the best response.2
Heh, 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"
 2 years ago

CesarLovesNadia Group TitleBest ResponseYou've already chosen the best response.0
but what is it then?
 2 years ago

CesarLovesNadia Group TitleBest ResponseYou've already chosen the best response.0
just help me and give me the answer
 2 years ago

cshalvey Group TitleBest 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?
 2 years ago

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

CesarLovesNadia Group TitleBest ResponseYou've already chosen the best response.0
is it 2?
 2 years ago

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

CesarLovesNadia Group TitleBest ResponseYou've already chosen the best response.0
help me with another one
 2 years ago

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

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

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

cshalvey Group TitleBest 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.
 2 years ago
See more questions >>>
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.