Answer:
892
Step-by-step explanation:
Answer:
so we know that we're starting with $2500. We know it's compound a continuous interest, and they tell us that the interest rate is 6% and we want to find the amount of time it's going to take for it to basically double because it says 5000. So we divide both sides by five Excuse me by 2500 and we end up with E to the 0.6 T is equal to two. We can take the natural log of both sides mhm, and we can use a log of a powers at this point. Oh, 60 can come down in front with log of a power and lo and behold Oh, my goodness, Ellen up e is one. So all we need to do to solve is divide both sides by 0.6, and that will give us our time. We need to round that off to the nearest 10th of a year. So Ln of two divided by 20.6 11.6 11.55 But to the nearest Tampa would be 11.6 years. And we are done. Mm hmm.
Step-by-step explanation:
The first month has the equation raised to 11 which is the number of months left in the period.
So each month the equation would be the same except it would be raised to 1 less than the previous month.
Month 2 = 50(1.003)^10
Month 3 = 50(1.003)^9
Month 4 = 50(1.003)^8
Month 5 = 50(1.003)^7
Month 6 = 50(1.003)^6
Month 7 = 50(1.003)^5
Month 8 = 50(1.003)^4
Month 9 = 50(1.003)^3
Month 10 = 50(1.003)^2
Month 11 = 50(1.003)^1
Month 12 = 50(1.003) ( the last month would not be raised to anything)
