If 7000 dollars is invested in a bank account at an interest rate of 5 per cent per year, compounded continuously. How many years will it take for your balance to reach 20000 dollars?
Help Solve.?loan company
Hi,
The formula is:
A = Pe^(rt) (Where A is the future value, P is the initial amount (principal), r is the interest rate expressed as a decimal, and t is the time in years.
So, let鈥檚 solve for t.
A/P = e^(rt)
ln (A/P) = rt
t= ln(A/P)/r
= ln (20000/7000)/.05 (You鈥檒l need a calculator to do this arithmetic.)
= 20.996 or rounded off 21 years.
FE
Help Solve.?
loan
the part and percent is given.. all u have to do is find the whole:
whole= (part * 100) divided by the percent.. solve it urself
..oooorrr u can do proportions|||it will reach in the 22nd year
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