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April 19, 2014

Homework Help: Calculus - Compound Interest

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!

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