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March 29, 2017

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Hannah invests $3850 dollars at an annual rate of 6% compounded continuously, according to the formula A=Pe^rt, where A is the amount, P is the principal, e=2.718, r is the rate of interest, and t is the time, in years.
(a) Determine, to the nearest dollar the amount of money she will have after 5 years.
(b) Determine how many years, to the nearest year, it will take for her investment to have a value of $10,000.

  • algebra - ,

    r = .06

    A = 3850 * e^(.06*5)

    A = $ 5197

    b)

    10,000 = 3850 * e^(.06 t)

    ln ( 2.597) = .06 t

    t = 16

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