Jillian put $1200 into an account earning 6.5% interest compounded continuously. How long until she doubles her money?

Mathematics

1 answer:

VLD [36.1K]3 years ago

7 0

Answer:

$A= 2400\\P= 1200\\r = 6.5\% = 0.065\\n = 365 \\t = t\\A = P(1 + \frac{r}{n})^{nt}\\\\2400 = 1200(1 +\frac{0.065}{365} )^{365t}\\\\\frac{2400}{1200} = (1.00017808219)^{365t}\\\\(2)^{\frac{1}{365} } = (1.00017808219)^t\\\\\\Taking \ log \ on \ both \ sides\\log(1.00190083768) = t \times log(1.00017808219)\\\\t= \frac{log(1.00190083768)}{log(1.00017808219)} = 10.66\\\\t = 10.7years$

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Data;

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<h3>Trigonometric Ratio</h3>

To solve this problem, we need to use trigonometric ratio SOHCAHTOA.

In this case, we have the value of opposite and angle and we need to find the adjacent to the angle. The tangent of the angle would be perfect for this.

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