Homework Help: math

Posted by allison on Sunday, May 1, 2011 at 8:16pm.

So I think I have got these down I just really want to double check the answers to these two word questions. Thanks

How long will it take for $9500 to grow to $36,300 at an interest rate of 12.4% if the interest is compounded continuously? Round the number of years to the nearest hundredth.

How long must $4000 be in a bank at 6% compounded annually to become $6757.92? (Round to the nearest year.)

math - MathMate, Sunday, May 1, 2011 at 8:18pm
What did you get?
math - allison, Sunday, May 1, 2011 at 8:53pm
10.81 yrs for the first question

9 yrs for the second
math - MathMate, Sunday, May 1, 2011 at 9:49pm
Both answers are correct. Good work!

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