Asked by Beth
hermione puts $1000 into an account on january 1, 2008. if the account is compounded continuously at a rate of 7.9%, in what month of what year will the account reach $100,000?
Is the correct answer January,2069?
Is the correct answer January,2069?
Answers
Answered by
Henry
P = Po*e^rt
1000*e^0.079t = 100,000
e^0.079t = 100000/1000 = 100
Take Ln of both sides:
0.079t*Ln e = Ln 100
0.079t*1 = 4.61
t = 58.3 yrs.
1-1-2008 + 58.3yrs. = 4-19-2066.
1000*e^0.079t = 100,000
e^0.079t = 100000/1000 = 100
Take Ln of both sides:
0.079t*Ln e = Ln 100
0.079t*1 = 4.61
t = 58.3 yrs.
1-1-2008 + 58.3yrs. = 4-19-2066.
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