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.
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.
2 answers
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
1 answer