Annie puts $10 into a vacation jar each week. how much will she have saved by the end of the year?
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Answer:
Step-by-step explanation:
Exponential function representing final amount with compound interest compounded continuously,
Here, A = Final amount
P = principal amount
r = Rate of interest
t = Duration of investment
For P = $9600
r = 6%
A = 2 × 9600 = $19200
By substituting these values in the formula,
ln(2) = 0.06t
t =
t = 11.55245
t ≈ 11.5525 years
Any amount will get doubled (with the same rate of interest and duration of investment) in the same time.
Therefore, $960000 will get doubled in 11.5525 years.