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 2 years ago
Joe deposits $1,500 in an account that pays 3% annual interest compounded continuously.
a. How much will Joe have in his account after 5 years?
b. How long will it take Joe to double his money? Use natural logarithms and explain your answer.
 2 years ago
Joe deposits $1,500 in an account that pays 3% annual interest compounded continuously. a. How much will Joe have in his account after 5 years? b. How long will it take Joe to double his money? Use natural logarithms and explain your answer.

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shaylynnwalls1
 2 years ago
Best ResponseYou've already chosen the best response.1I will give you a medal and become a fan! Need step by step instructions

SamuelAlden917
 2 years ago
Best ResponseYou've already chosen the best response.1Thats a cute cat!

SamuelAlden917
 2 years ago
Best ResponseYou've already chosen the best response.1he first answer is $1,725

SamuelAlden917
 2 years ago
Best ResponseYou've already chosen the best response.1We seem to be missing an important word in the original problem statement. "CONTINUOUSLY." a) 1500⋅e0.03⋅5=1742.75 b) 1500⋅e0.03⋅t=2⋅1500=3000 or e0.03⋅t=2 Solving for t t=ln(2)0.03=23.105

shaylynnwalls1
 2 years ago
Best ResponseYou've already chosen the best response.1Yeah, for the first step though, how did you get the answer.
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