Complete the table for a savings account in which interest is compounded continuously.
Initial investment: $800.00
Annual percent rate:_____?
Time to double: 8 years
Amount after 10 years: _____?
Please show me how you found the annual percent rate and the amount after 10 years?
Initial investment: $800.00
Annual percent rate:_____?
Time to double: 8 years
Amount after 10 years: _____?
Please show me how you found the annual percent rate and the amount after 10 years?
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1600=800(1+r)^8
log2=log(1+r)^8
2=(1+r)^8
2^(1/8)=1+r
2^(1/8)-1=r
1.09051-1=r
.090508=r
9.05%=r
800(1+.0905)^10=1906.6
log2=log(1+r)^8
2=(1+r)^8
2^(1/8)=1+r
2^(1/8)-1=r
1.09051-1=r
.090508=r
9.05%=r
800(1+.0905)^10=1906.6