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).

## Answer This Question

## Related Questions

- Math - I need to see how this is answered. 1. Lauren deposited $200 into her ...
- math - We deposited 7,500 dollars into a savings account which pays 3.6 percent ...
- math - Choi deposited $2500 in a savings account that pays 4.75% interest ...
- Lat math question for some days. Can y'all help? - Huan deposited $850 into a ...
- Math - (a) Themba wants to deposit a sum of money into a savings account so that...
- differential equation - If P(t) is the amount of dollars in a savings bank ...
- Calculas HS - continous compounding you have $1000 wiht which to open an account...
- Algebra( check my answers) - 1. Juan deposited $200 in a savings account earning...
- Business Math - 1. Lee Holmes deposited $16,700 in a new savings account at 6% ...
- Business Math - Lee Holmes deposited $ 15,000 in a new savings account at 9% ...

More Related Questions