Ask Question
23 September, 11:29

A principal amount of $600 is placed into a bank account compounded continuously at 3.5%. How long does it take for the amount to reach $1000?

+3
Answers (2)
  1. 23 September, 11:50
    0
    A=Pe^rt

    1000=600*e^ (0.035t)

    Solve for t

    T = (log (1,000:600) : log (e)) : 0.035

    T=14.6 years
  2. 23 September, 13:00
    0
    A=Pe^rt

    1000=600*e^ (0.035t)

    Solve for t

    T = (log (1,000:600) : log (e)) : 0.035

    T=14.6 years
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “A principal amount of $600 is placed into a bank account compounded continuously at 3.5%. How long does it take for the amount to reach ...” in 📙 Mathematics if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers