If 8000 dollars is invested in a bank account at an interest rate of 5% per year, compounded continuously

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If 8000 dollars is invested in a bank account at an interest rate of 5% per year, compounded continuously

[From: ] [author: ] [Date: 11-10-02] [Hit: ]

Now,Hope that helps-(8000)e^(.20000=8000e^(.ln(2.5)=.t=2ln(2.......

How many years will it take for your balance to reach 20000 dollars?

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8000 (e)^(.05t) = 20000

Now, just solve for t (HINT: you will need to use the natural log Ln to solve for t)

Hope that helps

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(8000)e^(.05t)
20000=8000e^(.5t)
ln(2.5)=.5t
t=2ln(2.5) years

1

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