Ask your own question, for FREE!
Mathematics
OpenStudy (anonymous):

Akeem invests $25,000 in an account that pays 4.75% annual interest compounded continuously. Using the formula A=Pe^rt, where A=the amount in the account after t years, P=principal invested, and r=the annual interest rate, how many years, to the nearest tenth will it take Akeem’s investment to triple? SHOW WORK! a) 10.0 b) 14.6 c) 23.1 d) 24.0

OpenStudy (anonymous):

3 = e^(0.0475)t

OpenStudy (anonymous):

i need help with this question

OpenStudy (anonymous):

can you go from there

OpenStudy (anonymous):

i think so

OpenStudy (anonymous):

okay :)

OpenStudy (anonymous):

is the e $25000

OpenStudy (anonymous):

or p

OpenStudy (anonymous):

A=3 p=1

OpenStudy (anonymous):

what does e equal

OpenStudy (anonymous):

you ln both sides so lne = 1

OpenStudy (anonymous):

do you get it?

Can't find your answer? Make a FREE account and ask your own questions, OR help others and earn volunteer hours!

Join our real-time social learning platform and learn together with your friends!
Latest Questions
Can't find your answer? Make a FREE account and ask your own questions, OR help others and earn volunteer hours!

Join our real-time social learning platform and learn together with your friends!