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Algebra
Pregunta

9. Remembering that continuous compounding of inte...

9. Remembering that continuous compounding of interest uses \( A ( t ) = P e ^ { r t } \) , calculate the time needed to double your money of \( \$ 1,000 \) given an interest rate of \( 3 \% \) compounded continuously. Calculators are allowed, but show steps for potential partial credit. 

Answer

A = 2000

2000 = 1000 (1.03)\(^t\)

2 =  (1.03)\(^t\)

log 2 = t log 1.03

t = log 2 / log 1.03

t = 23.45 years

Solución
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