With annual compounding, the number of years for 1000 to become 1400 is 6.7 years
With continous compounding, the number of years for 1000 to become 1400 is 1.35 years
<h3>How long would it take $1000 to become $1,400?</h3>
With annual compounding, the formula that would be used is:
(In FV / PV) / r
Where:
- FV = future value
- PV = present value
- r = interest rate
(In 1400 / 1000) / 0.05 = 6.7 years
With continous compounding, the formula that would be used is:
(In 1400 / 1000) / (In e^r)
Where r = interest rate
((In 1400 / 1000) / (In e^0.05) = 1.35 years
To learn more about how to determine the number of years, please check: : brainly.com/question/21841217
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Answer:
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Step-by-step explanation:
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