For Exercises 61-70, use the model A = P e r t or A = P ( 1 + r n ) n t where A is the future value of P dollars invested at interest rate r compounded continuously or n times per year for t years. (See Example 11) 61. If $10,000 is invested in an account earning 5.5% interest compounded continuously, determine how long it will take the money to triple. Round to the nearest year.
For Exercises 61-70, use the model A = P e r t or A = P ( 1 + r n ) n t where A is the future value of P dollars invested at interest rate r compounded continuously or n times per year for t years. (See Example 11) 61. If $10,000 is invested in an account earning 5.5% interest compounded continuously, determine how long it will take the money to triple. Round to the nearest year.
Solution Summary: The author explains that the time at which the amount is three times of the initial invested amount, is t=20year.
For Exercises 61-70, use the model
A
=
P
e
r
t
or
A
=
P
(
1
+
r
n
)
n
t
where A is the future value of P dollars invested at interest rate r compounded continuously or n times per year for t years. (See Example 11)
61. If $10,000 is invested in an account earning 5.5% interest compounded continuously, determine how long it will take the money to triple. Round to the nearest year.
This is an example only. What can be a simialr equation with differnet numbers using logs and can have a mistake in one of the steps and what will be the correct way to solve it. Thanks
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Discrete Distributions: Binomial, Poisson and Hypergeometric | Statistics for Data Science; Author: Dr. Bharatendra Rai;https://www.youtube.com/watch?v=lHhyy4JMigg;License: Standard Youtube License