One thousand dollars is deposited in a savings account at 6% interest compounded continously.
How many years are required for the balance in the account to reach $2500
math - Anonymous, Tuesday, June 23, 2009 at 5:57pm
(e=2.71828 18284 59045 23536…)
P = principal amount (the initial amount you borrow or deposit)
r = annual rate of interest (as a decimal)
t = number of years the amount is deposited or borrowed for.
A = amount of money accumulated after n years, including interest.
n = number of times the interest is compounded per year
Since it's compounded continuously, use Pert (The first formula).