Homework Help: (Please help) Math

Posted by Hannah on Tuesday, February 9, 2010 at 3:50pm.

1) initial investment = $600
annual % rate = ?
time to double = ?
amount after 10 years = $19,205.00

19,205 = 600e^(10r)

I do not know how to solve for r of find the time to double.

(Please help) Math - drwls, Tuesday, February 9, 2010 at 4:33pm
That looks like a misprint, but if the investment really increased that fast,

19,205 = 600 (1 + r)^10
10 ln (1+r) = ln (19,205/600) = ln 32.0
= 3.4657
ln (1+r) = 0.34657
1+r = 1.414
r = 41.4%

The time to double is 2.0 years

Answer this Question

Related Questions

compound interest - How do I solve these problems? Complete the table for a ...
math - Initial Investment?? Annual % Rate= 8 Time to Double?? Amount after 10 ...
math(Please please help!!!) - 1) initial investment = $600 annual % rate = ? ...
math - 1) initial investment = $600 annual % rate = ? time to double = ? amount...
math - Complete the table for a savings account in which interest is compounded ...
math - What is the time to double when the initial investment is $1000 and the ...
calculus - Assume the initial investment was $6600 and the annual interest rate ...
exponential function - An investment pays 8% interest, compounded annually. a) ...
math modeling - An investment is made at an annual rate of 9.71% compounded ...
math modeling - An investment is made at an annual rate of 9.71% compounded ...

For Further Reading

First Name:
School Subject:
Answer: