yes, you did it wrong. You left out the t part:
1000 e^.08t = 1750
e^.08t = 1.75
.08t = log(1.75)
t = log(1.75)/.08 = 6.99
or, 7 years.
surely you didn't think that the money wold almost double in a year and a half at 8%!
Alright, this is a bonus question on my homework. I think I did it wrong...
How long will it take for an investment of $1000 to grow to $1750 if interest is compounded continuously at a rate of 8%? Round to the nearest tenth.
A=Pe^rt
$1750=$1083.38
divided
ans= 1.62
2 answers
I did indeed. Thank you again for helping me out! Have a great night!
2 answers