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?

asked Sep 18, 2018 209k views

4 votes

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3 votes

A=Pe^rt
1000=600×e^(0.035t)
Solve for t
T=(log(1,000÷600)÷log(e))÷0.035
T=14.6 years

Ivoronline answered Sep 19, 2018

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5 votes

A=Pe^rt
1000=600×e^(0.035t)
Solve for t
T=(log(1,000÷600)÷log(e))÷0.035
T=14.6 years

Dilfish answered Sep 23, 2018

8.2k points

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