Asked by Please help!
(Round up to the next year.)
a. How many years does it take for $1 to become $3 at 5% interest compounded continuously?
b. How many years does it take for $1,000,000 to become $3,000,000 at 5% interest compounded continuously?
a. How many years does it take for $1 to become $3 at 5% interest compounded continuously?
b. How many years does it take for $1,000,000 to become $3,000,000 at 5% interest compounded continuously?
Answers
Answered by
R_scott
a. 3 = 1 e^(.05 t) ... ln(3) = .05 t
b. same growth as a. , so same time
b. same growth as a. , so same time
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