Help Solve.?

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