anonymous
  • anonymous
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.
Mathematics
  • Stacey Warren - Expert brainly.com
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SOLVED
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schrodinger
  • schrodinger
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anonymous
  • anonymous
I will give you a medal and become a fan! Need step by step instructions
anonymous
  • anonymous
Need a minute.
anonymous
  • anonymous
Thats a cute cat!

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anonymous
  • anonymous
he first answer is $1,725
anonymous
  • anonymous
We 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
anonymous
  • anonymous
That help?
anonymous
  • anonymous
Yeah, for the first step though, how did you get the answer.

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