This is the second part of the question.
If a bank compounds continuously, then the formula takes a simpler, that is
A=Pe^n
where e is a constant and equals approximately 2.7183.
Calculate A with continuous compounding. Round your answer to the hundredth's place.
Now suppose, instead of knowing t, we know that the bank returned to us $15,000 with the bank compounding continuously. Using natural logarithms, find how long we left the money in the bank (find t). Round your answer to the hundredth's place.
A commonly asked question is, “How long will it take to double my money?” At 10% interest rate and continuous compounding, what is the answer? Round your answer to the hundredth's place.
2006-06-30
16:01:25
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3 answers
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asked by
Julz
1
in
Mathematics