Here's the question you clicked on:

55 members online
  • 0 replying
  • 0 viewing

shaylynnwalls1

  • 3 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.

  • This Question is Closed
  1. shaylynnwalls1
    • 3 years ago
    Best Response
    You've already chosen the best response.
    Medals 1

    I will give you a medal and become a fan! Need step by step instructions

  2. SamuelAlden917
    • 3 years ago
    Best Response
    You've already chosen the best response.
    Medals 1

    Need a minute.

  3. SamuelAlden917
    • 3 years ago
    Best Response
    You've already chosen the best response.
    Medals 1

    Thats a cute cat!

  4. SamuelAlden917
    • 3 years ago
    Best Response
    You've already chosen the best response.
    Medals 1

    he first answer is $1,725

  5. SamuelAlden917
    • 3 years ago
    Best Response
    You've already chosen the best response.
    Medals 1

    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

  6. SamuelAlden917
    • 3 years ago
    Best Response
    You've already chosen the best response.
    Medals 1

    That help?

  7. shaylynnwalls1
    • 3 years ago
    Best Response
    You've already chosen the best response.
    Medals 1

    Yeah, for the first step though, how did you get the answer.

  8. Not the answer you are looking for?
    Search for more explanations.

    • Attachments:

Ask your own question

Sign Up
Find more explanations on OpenStudy
Privacy Policy