Asked by Andy G
In a savings account, a principal of $1000 is deposited at 5% per annum. In the second account a principal of $500 is deposited at 10% per annum. Both accounts are compounded continuously.
a. estimate the doubling time for each
a. estimate the doubling time for each
Answers
Answered by
Reiny
we don't really need the amount
at first rate:
2 = 1 e^(.05t)
ln2 = .05t
t = 13.86 ---> the doubling time
at 2nd rate:
2 = 1 e^(.1t)
you finish it.
at first rate:
2 = 1 e^(.05t)
ln2 = .05t
t = 13.86 ---> the doubling time
at 2nd rate:
2 = 1 e^(.1t)
you finish it.
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