Question

Joe deposits $1,500 in an account that pays 3% annual interest compounded continuously.
a. How much will Joe have in his account after 5 years?
b. How long will it take Joe to double his money? Use natural logarithms and explain your answer.

Answer 1

I will give you a medal and become a fan! Need step by step instructions

Answer 2

Need a minute.

Answer 3

Thats a cute cat!

Answer 4

he first answer is $1,725

Answer 5

We seem to be missing an important word in the original problem statement.

"CONTINUOUSLY."

a)

1500⋅e0.03⋅5=1742.75

b)

1500⋅e0.03⋅t=2⋅1500=3000

or

e0.03⋅t=2

Solving for t

t=ln(2)0.03=23.105

Answer 6

That help?

Answer 7

Yeah, for the first step though, how did you get the answer.