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enot [183]
2 years ago
8

Suppose you deposit $100 in a savings account where the interest earned is compounded continuously at a rate of 2%. How many yea

rs will it take the balance in the account to reach $10,000 (round your answer to
the nearest year)?

A. 231 years
B. 230 years
C. 234 years
D. 232 years
Mathematics
1 answer:
Ostrovityanka [42]2 years ago
7 0

Answer:T = 230.259 years

So choice B

Step-by-step explanation:

T = r / 100

T : 2 /100 = 0.02 per year

Now let’s solve for t using this equation

In ( A/P) / r

In ( 10000/100) / 0.02

Put this on calculator u get 230.259 years and now to the nearest year

is 230 years.

Hope this help

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Veronica has been saving dimes and quarters she has 110 coins in all and the total value is 18.50 how many dimes and quarters do
Lady_Fox [76]

This problem can be solved by the chicken rabbits method or you can just do simple algebra.

I.) Chicken and rabbits method

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That first method is very good and very quick once you get the hang of it, now I'm going to show you the algebraic way to solve this.

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I personally recommend using algebra whenever you can because the practice is very important and you will eventually get really fast at setting up and solving equations. The first method is faster in this case but the second is more generalize, hope it helps.

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