Stanley Bank offers a money market account that earns 1.85% compounded continuously: a) If $10,000 is invested in this type of a
ccount, how much will it be worth in 3 years? b) How long will it take for the account to be worth $15,000?
1 answer:
Answer:
a) $1056.33 b) 23 years
Step-by-step explanation:
a) 10000(1+1.85/100)^3=10565.33 (2d.p.)
b) let x be the no. of years
15000 = 10000(1+1.85/100)^x
1.5 = 1.0185^x
ln both sides
ln 1.5 = x ln 1.0185
x = ln 1.5/ln 1.0185
=22.11
=23 years (rounded up)
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