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interest

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In a savings account, a principal of $1000 is deposited at 5% per annum. In the second account a principal of $500 is deposited at 10% per annum. Both accounts are compounded continuously.

a. estimate the doubling time for each

  • interest - ,

    we don't really need the amount

    at first rate:
    2 = 1 e^(.05t)
    ln2 = .05t
    t = 13.86 ---> the doubling time

    at 2nd rate:
    2 = 1 e^(.1t)

    you finish it.

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