Thursday

July 24, 2014

July 24, 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

**Related Questions**

Social Studies - I was wondering if I could check my answers with someone. I'm a...

Math - Bank A is offering an interest rate of 6.60% compounded monthly, while ...

compound interest - 1. If you were to place $15,000 in the bank at 3% interest, ...

Math Help!!!!! - 4) Jim has been offered a substantial cash discount if he pays ...

Compound interest - Hello My teacher skipped over this and I have no clue how to...

calculus - Suppose $5000 is deposited in a bank account that compounds interest ...

Pre-Calculus - . Margaret is planning to invest up to $22,000 in certificates ...

Alg 2 - Suppose you deposit a principal amount of p dollars in a bank account ...

Alg2 - Help....Help... Suppose you deposit a principal amount of p dollars in a ...

Math - Jamaal is planning to invest up to $23000 in City Bank or State Bank. He...