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2 years ago

13

What is the value of p

gn="absmiddle" class="latex-formula">

1 answer:

AnnZ [28]2 years ago

5 0

The answer is p ≤ -2

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What is the exact time t, in years, needed for the balance of an account that earns 5% annual 8. Interest compounded continuousl

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It takes 22.52 years for the balance to triple in value.

Step-by-step explanation:

Continuous compounding:

The amount of money earned using continuous compounding is given by the following equation:

$A(t) = A(0)(1+r)^t$

In which A(0) is the initial amount of money and r is the interest rate, as a decimal.

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This means that $r = 0.05$ , and thus:

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This is t for which $A(t) = 3A(0)$ . So

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$(1.05)^t = 3$

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$t = \frac{\log{3}}{\log{1.05}}$

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It takes 22.52 years for the balance to triple in value.

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2 years ago

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