The amount of $300 was deposited into a continuously compounded interest account that paid 0.5% interest per year. Which of the following expressions would be used to
determine the number of years it would take for the account to have a balance of $600?

Question

12-04-2022
Mathematics

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The amount of $300 was deposited into a continuously compounded interest account that paid 0.5% interest per year. Which of the following expressions would be used to
determine the number of years it would take for the account to have a balance of $600?

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ewomazinoade ewomazinoade · Answer 1 · 2022-04-25T11:21:00+02:00

The expression that can be used to determine the number of years that it would take to have a balance of $600 is In2 ÷ In[tex]e^{0.005}[/tex].

How long would it take to have a balance of $600?

When an amount is compounded continously, it means that both the amount deposited and the interest already accrued increases in value continously over a period of time.

Time = In(FV/PV) ÷ In([tex]e^{0.005}[/tex]

In2 ÷ In[tex]e^{0.005}[/tex]

The amount of $300 was deposited into a continuously compounded interest account that paid 0.5% interest per year. Which of the following expressions would be used to determine the number of years it would take for the account to have a balance of $600?

Respuesta :

How long would it take to have a balance of $600?

Otras preguntas

The amount of $300 was deposited into a continuously compounded interest account that paid 0.5% interest per year. Which of the following expressions would be used to
determine the number of years it would take for the account to have a balance of $600?