Question

Someone please help

Answer 1

Answer:

Step-by-step explanation:

Exponential function representing final amount with compound interest compounded continuously,

$A=Pe^{rt}$

Here, A = Final amount

P = principal amount

r = Rate of interest

t = Duration of investment

For P = $9600

r = 6%

A = 2 × 9600 = $19200

By substituting these values in the formula,

$19200=9600(e)^{0.06\times t}$

$2=e^{0.06t}$

$ln(2)=ln(e^{0.06t})$

ln(2) = 0.06t

t = $\frac{0.693147}{0.06}$

t = 11.55245

t ≈ 11.5525 years

Any amount will get doubled (with the same rate of interest and duration of investment) in the same time.

Therefore, $960000 will get doubled in 11.5525 years.