If it is, then 
would be equal 
.
Please answer with step by step
1 answer:
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Answer:
11.1 years
Step-by-step explanation:
The formula for interest compounding continuously is:
Where A(t) is the amount after the compounding, P is the initial deposit, r is the interest rate in decimal form, and t is the time in years. Filling in what we have looks like this:
We will simplify this first a bit by dividing 2000 by 1150 to get
To get that t out the exponential position it is currently in we have to take the natural log of both sides. Since a natural log has a base of e, taking the natual log of e cancels both of them out. They "undo" each other, for lack of a better way to explain it. That leaves us with
ln(1.739130435)=.05t
Taking the natural log of that decimal on our calculator gives us
.5533852383=.05t
Now divide both sides by .05 to get t = 11.06770477 which rounds to 11.1 years.
Answer: $1,412.52
Step-by-step explanation:
Formula to calculate the accumulated amount if <em>P</em> principal invested for <em>t </em>years at a rate of interest <em>r</em> that compounded daily is given by:-
Given: P= $2,335.69
r= 4.3%= 0.043
t= 11 years
Then,
Interest earned = A-P
= $3748.21- 2335.69.
= $1412.52
Hence, Neal earned $1,412.52 as interest.