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October 23, 2014

October 23, 2014

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

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!

- Calculus - Compound Interest -
**Steve**, Sunday, November 3, 2013 at 8:41pmJust solve

20 e^(.0893t) = 50

e^.0893t = 2.5

.0893t = ln(2.5)

t = ln(2.5)/.0893 = 10.26

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