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Algebra

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You put $1700 into an account at 8% per year compounded continuously.
a) How long will it be until you have $2000?
b) What is the doubling time for this money?

  • Algebra -

    P = Po*e^rt.

    a. rt = 0.08t

    P = 1700*e^0.08t = $2000
    e^0.08t = 2000/1700 = 1.176
    0.08t*Lne = Ln1.176
    0.08t*1 = 0.1625
    t = 2.03 Years.

    b. P = 1700*e^0.08t = 3400
    Solve for t.

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