Question
Complete the table for a savings account in which interest is compounded continuously.
initial investment = $600
annual % rate = ?
time to double ?
Amount after 10 years = $19,205.00
I have no idea how to solve this.
initial investment = $600
annual % rate = ?
time to double ?
Amount after 10 years = $19,205.00
I have no idea how to solve this.
Answers
Neither do I, since you don't have enough information.
Either you have to tell me what the rate is, or the time for doubling.
Either you have to tell me what the rate is, or the time for doubling.
sorry, you do have enough information, but please please tell me where I can invest $600 and have it grow to $19205 in 10 years
19205 = 600(1+i)^10
32.008 = (1+i)^10
take the 10th root
1.414 = 1+i
i = .414 or 41.4% interest if compounded annually
19205 = 600(1+i)^10
32.008 = (1+i)^10
take the 10th root
1.414 = 1+i
i = .414 or 41.4% interest if compounded annually
Related Questions
How do I solve these problems?
Complete the table for a savings account in which interest is comp...
Complete the table assuming continuously compounded interest. (Round your answers to two decimal pla...
Complete the table for a savings account in which interest is compounded continuously. (Round your a...