Posted by **Cal** on Sunday, November 3, 2013 at 3:34pm.

Recently, a certain bank offered a 10-year CD that earns 8.93% compounded continuously.

a) If $20,000 is invested in this CD, how much will it be worth in 10 years?

Ans: I used the formula A = Pe^(rt) to get the answer $48,848.92

b)How long will it take for the account to be worth $50,000?

I just need help in solving part b) thank you!

## Answer This Question

## Related Questions

- Compound interest - Hello My teacher skipped over this and I have no clue how to...
- Calculus Please help! - If 7000 dollars is invested in a bank account at an ...
- Calculus :) - If 8000 dollars is invested in a bank account at an interest rate ...
- Math - If 3000 dollars is invested in a bank account at an interest rate of 6 ...
- Math - How much money should be invested at an annual interest rate of 6.2% ...
- math - Suppose that you have $12,500 to invest over a 4 year period. There are ...
- Algebra ASAP - Suppose that $17,000 is invested in a savings account paying 5.1...
- Math - Your Aunt will give your $1,ooo if you invest it for 10 years in an ...
- compound interest - 1. If you were to place $15,000 in the bank at 3% interest, ...
- math - a bank account earns 7% annual interest compounded continuously. you ...

More Related Questions