This is thrown randomly into a take home math quiz I have and I have never seen one in my life. Any help would be appreciated.
Sean invests $10,000 at an annual rate of 5% compounded continuously, according to the formula A=Pe^rt, where A is the amount, P is the Principal, e=2.718, r is the rate of interest, and t is time, in years.
Determine to the nearest dollar, the amount of money he will have after 2 years.
Determine how many years, to the nearest year, it will take for his initial investment to double.
2007-04-26
13:28:57
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3 answers
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asked by
Anonymous
in
Mathematics