Algebra

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You invest $1,000 in an account with continously compounding interest of 4% a year. When will your account be worth $1,500 dollars?

  • Algebra -

    1000 e^(.04t) = 1500
    e^(.04t) = 1.5
    ln (e^(.04t)) = ln 1.5
    .04t = ln 1.5
    t = ln1.5 / .04 = appr 10.1 years

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