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Answer:
78. t=8.66yrs
79. r=23.10%
80. r=11.0975%
Step-by-step explanation:
78. Given the initial deposit is $1,000 and the 8% compounded continuously. The doubling time can be calculated using the formula;
Given that A=2P, we substitute in the equation to solve for t:
Hence, it takes 8.66 years for $1,000 to double in value.
79.
Given the initial deposit is $1,000 and the r% compounded continuously.
-The doubling rate can be calculated using the formula;
#We substitute our values in the equation to solve for r:
Hence, the deposit will double in 3 years at a rate of 23.10%
80.
Given the initial deposit is $30,000 and the future value is $2,540,689.
-Also, given t=40yrs, the rate of growth for continuous compounding is calculated as:
Hence, the deposit will grow at a rate of approximately 11.0975%