Question

You have earned $200 doing chores how long will it take to triple your money if you keep it in an account earning 4.25 compound continuesly

Answer 1

Answer:

25.85 years

Step-by-step explanation:

Use the formula for continuous compounding amount:

A = Pe^(r*t), where r is the interest rate as a  decimal fraction, P is the initial amount, and t is the time in years.

Here we have:

A = $200e^(0.0425*t) = 3($200) (this is triple the original amount)

Solve this for t.  Divide both sides by $200 and then use natural logs:

1e^(0.0425*t) = 3

Then 0.0425*t = ln 3 = 1.0986

Dividing both sides by 0.0425 will isolate t:

       1.0986

t = --------------- = 25.85 years

       0.0425

Answer 2

Answer:

c is the right one

Step-by-step explanation: