Posted by **lana** on Tuesday, June 23, 2009 at 4:13pm.

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
CONTINUOUSLY: A=Pe^(rt)

(e=2.71828 18284 59045 23536…)

PERIODICALLY: A=P(1+r/n)^(nt)

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).

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