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anonymous

  • one year ago

Help please - The amount of money in an account with continuously compounded interest is given by the formula A = Pe^rt, where P is the principal, r is the annual interest rate, and t is the time in years. Calculate to the nearest tenth of a year how long it takes for an amount of money to double if interest is compounded continuously at 5.2%.

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  1. anonymous
    • one year ago
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    I think I do t= ln (2) -------- .052 but not sure.

  2. wolf1728
    • one year ago
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    Here's a page that shows the formula: http://www.1728.org/rate2.htm We'll say the principal is $100 and the total is $200 Years = [natural log(Total / Principal)] / rate Years = [natural log(200 / 100)] / .052 Years = 0.69314718056 / .0052 Years = 13.3297534723

  3. anonymous
    • one year ago
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    Oh okay so you just used whats on that site and applied it to my thing. I'll read through this. And I my formula i had up there gave me 13.3 too

  4. anonymous
    • one year ago
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    Thank you for helping me :) It's appreciated

  5. wolf1728
    • one year ago
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    You are welcome By the way, here's a calculator to check your answer: http://www.1728.org/compint.htm It calculates 13.3298

  6. wolf1728
    • one year ago
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    And thanks for the medal :-)

  7. anonymous
    • one year ago
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    Np!

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