Answer:
13.86
Step-by-step explanation:
formula for cont. compounding interest is
Amount = Principal * e^rt
in this case the principal is 5000, and the amount is 10000 (double). the rate is 5% or 0.05. and t is what we are solving for.
sub in to get:
10000 = 5000e^0.05t
2 = e^0.05t
now convert to log form.
ln 2 = 0.05t
ln 2 / 0.05 = t
punch that into your calculator and you get 13.86 years
I was to tired to write it down
Answer:
aprox. 100.94
Step-by-step explanation:
Answer:
C) 30.9702
Step-by-step explanation:
Take log of both sides:
In5^x = In8^x - 7
Rewrite it using the laws of log:
xIn5 = (x - 7)In8
x / (x - 7) = ln 8 / ln 5
x / (x - 7) = 1.292
x = 1.292x - 9.044
1.292x - x = 9.044
x = 9.044 / 0.292
Thus, x = 30.9702
