Algebra

posted by .

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 -

2000 = 1700 e^.08x
x = 2.03

for doubling,
2=e^.08x
x = 8.67
agrees with rule of 72

Similar Questions

1. Calc

A person deposits money into a retirement account, which pays 7% interest compounded continuously, at a rate of \$1000 per year for 20 years. Calculate: a. The balance of the account at the end of 20 years b. the amount of money actually …
2. math

a bank account earns 7% annual interest compounded continuously. you deposit \$10,000 in the account, and withdraw money continuously from the account at a rate of \$1000 per year. a. write the differential equation for the balance, …
3. algebra 2

The amount of money in an account with continuously compounded interest is given by the formula A=Pe^rt , where P is the principal, r is the annual interest rate, and t is the time in years. Calculate to the nearest hundredth of a …
4. algebra

The amount of money in an account with continuously compounded interest is given by the formula A=Pe^rt , where P is the principal, r is the annual interest rate, and t is the time in years. Calculate to the nearest hundredth of a …
5. Calc

How much money will we have in 6 months if we invest \$1000 into an account earning 8% compounded continuously?
6. math

Suppose that you have \$12,500 to invest over a 4 year period. There are two accounts to choose from: 4.5% compounded monthly or 4.3% compounded continuously. a. Write the formula for the first accountâ€™s compound interest for n compounding …
7. Algebra

You put \$1700 into an account at 8% per year compounded continuously. a) How long will it be until you have \$2000?
8. finance

Suppose you pay \$1000 into a savings account that pays 2% per year, compounded annually. How many years will would it take for the money in the account to double, to \$2000?
9. algebra

You deposit \$3000 in an account earning 7% interest compounded continuously. The amount of money in the account after years is given by A(t)=3000 e^(0.07 t) . How much will you have in the account in 5 years?
10. Calculus 2

I cannot figure this out for the life of me. Maybe I am overthinking it. Money is transferred into an account at the rate of R(t)=5000t(e^-0.6t) If the account pays 2% interest compounded continuously, how much will accumulate in the …

More Similar Questions