1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Aleksandr-060686 [28]
3 years ago
11

I need help!

Mathematics
1 answer:
Bezzdna [24]3 years ago
5 0
<h3>Answer:  23 years</h3>

=======================================================

Work Shown:

P = 1000 is the amount deposited

We want this value to double to A = 2000 which is the amount in the account at time t (in years).

r = 0.03 represents the interest rate in decimal form.

The value of t is unknown but we can solve for it like so

A = Pe^{rt}\\\\2000 = 1000e^{0.03t}\\\\2 = e^{0.03t}\\\\\ln(2) = \ln\left(e^{0.03t}\right)\\\\\ln(2) = 0.03t\ln\left(e\right)\\\\\ln(2) = 0.03t*1\\\\\ln(2) = 0.03t\\\\

0.03t = \ln(2)\\\\t = \frac{\ln(2)}{0.03}\\\\t \approx 23.1049060186649\\\\t \approx 23\\\\

It will take about 23 years for the amount to double.

As a check,

A = 1000e^{0.03t}\\\\A \approx 1000e^{0.03*23.104906}\\\\A \approx 1,999.9999988806\\\\A \approx 2000\\\\

which helps show that after roughly 23 years, we'll have about 2000 dollars in the account.

------------

Side note: Use of the rule of 72 leads to 72/3 = 24. The '3' is from the 3% interest rate. So the rule of 72 says it will take about 24 years for the amount to double. This isn't too far off from the 23 answer we got.

You might be interested in
Which graph represents the linar function y=1/3x-4?
spin [16.1K]

Answer:

(0,-4)

Step-by-step explanation:

4 0
2 years ago
On Monday, Ken spent half of his money on a new game. The next doy he earned $ 12 mowing lawns He now has $32. How much money di
Nikolay [14]

Answer: 40$

Step-by-step explanation: before the mowing 20$ if half is on the game before game would be 40

8 0
2 years ago
Read 2 more answers
8y - y + x + 3x simplified
vredina [299]

Answer:

7y+4x

Step-by-step explanation:

1. So the -y is 1 so you subtract one from the 8 which is 7.

2. x is also like a one so that would also equal 4

3 0
3 years ago
Read 2 more answers
Find the slope of each line.<br> 1)<br> ا ا ا ا ا ا ا ا
kirza4 [7]

Answer:

1111111 is the answer

Step-by-step explanation:

8 0
3 years ago
Use long division to find the quotient below (8x^3+20x^2+36)/(2x+6)
blsea [12.9K]
Answer: 14x - 42

Hope this helps!
6 0
1 year ago
Other questions:
  • 2407 - -8 how do you do this type of problem
    10·1 answer
  • Which figures can be used to find the area of the composite figure? Choose exactly two answers that are correct. A. a rectangle
    15·1 answer
  • Julie's mp3 player contains 860 songs if 20% of the songs are rap songs and 15% of the songs are r&amp;b songs how many of the s
    13·2 answers
  • What is the surface area of this cylinder with diameter of 10 inches and height of 36 inches?
    8·1 answer
  • Wich one doesn't belong
    12·1 answer
  • Find the y-intercept for the parabola defined by
    7·1 answer
  • Pleaseeee help! I don't get this!! Please leave a detailed explanation of how you got your answer!!!
    14·2 answers
  • Marco needs to buy some dog food. At the nearest store, 3 bags of dog food cost $13.50. How much
    8·1 answer
  • Find what is x + 2½ = 10?
    15·2 answers
  • Good at graphing coordinates? I need some help on that please!
    14·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!