Solved: How long will it take for money to double, Mathematics

+44 141 628 6080
[email protected]

How long will it take for money to double

When interest is compounded continuously, the balance in an account after t years is given by

A = Pert,

where P is the initial investment and r is the interest rate.

1. Maya has deposited $600 in an account that pays 5.64% interest, compounded continuously. How long will it take for her money to double?

2. Suppose that $2000 is invested at a rate of 6% per year compounded continuously. What is the balance after 1 yr? After 2 yrs?

View Complete Question

Solution Preview :

Prepared by a verified Expert

Mathematics: How long will it take for money to double

Reference No:- TGS0698147

Now Priced at $5 (50% Discount)

Recommended (95%)

Rated (4.7/5)

Have a Question? (oR Write a Review)

Write atleast 100 words!!

Recent Questions Asked Mathematics

Q : Compute the variable and fixed-cost elemts

Bruno Company accumulates the following data converning a mixed cost, using miles as the activity level.Compute the variable - and fixed-cost elemts using the high-low method.

Q : What are the three bs mentioned in the article

What are the three B's mentioned in the article "The Path to Leadership". Of the three, what "B" do you feel is most important? Please explain your answer.a

Q : How many liters from each solution should be used

A 90% antifreeze solution is to be mixed with a 75% solution to make 30 liters of an 80% solution. How many liters from each solution should be used?

Q : Determine the fixed factory overhead volume variance

The Good News Company produced 5,200 units of their product that required 3.2 standard hours per unit. The standard fixed overhead cost per unit is $2.40 per hour at 17,000 hours, which is 100% of normal capacity.

Q : How long will it take for money to double

Maya has deposited $600 in an account that pays 5.64% interest, compounded continuously. How long will it take for her money to double?

Q : Designing a motor cycle

You are designing a motor cycle. To provide a smooth ride, you want the bike to loose energy it acquires from driving through pot holes as quickly as possible. To this end, you choose shock absorbers that are:

Q : Determine the x- and y-component of the acceleration

An electron moves through a uniform electric field E = (2.31i + 5.06j) V/m and a uniform magnetic field B = 0.381k T. Determine the x- and y-component of the acceleration of the electron when it has a velocity v = 10.1i m/s.

Q : How long does one read each week

Arthur reads everyday. On weekdays he reads at least 30 minutes a day. On the weekends, he reads twice as long. About how long does he read each week?

Q : Determining the current in a capacitor

A 1.03 10-3 µF capacitor has an initial charge of 0.100 C. When a resistor is connected across the capacitor plates, there is an initial current through the resistor of 1.08 A. What is the current 1.06 s later?

1959832

Questions
Asked

3,689

Active Tutors

1437049

Questions
Answered

Start Excelling in your courses, Ask a tutor for help and get answers for your problems !!

ask Question

Solution Preview :

Prepared by a verified Expert

Mathematics: How long will it take for money to double

Reference No:- TGS0698147

Have a Question? (oR Write a Review)

Recent Questions Asked Mathematics

Q : Compute the variable and fixed-cost elemts

Q : What are the three bs mentioned in the article

Q : How many liters from each solution should be used

Q : Determine the fixed factory overhead volume variance

Q : How long will it take for money to double

Q : Designing a motor cycle

Q : Determine the x- and y-component of the acceleration

Q : How long does one read each week

Q : Determining the current in a capacitor

Medication for postoperative nausea and vomiting

Child prescribed prednisone for exacerbation of asthma

What if a parent of hispanc origin informs nurse of plans

How health care reimbursement is delivered

How to improve overall health of elementary school children

How would you instruct the patient to taper off clonazepam

How to prevent interference with an intravenous infusion

Solution Preview :

Prepared by a verified Expert

Mathematics: How long will it take for money to double

Reference No:- TGS0698147

Recent Questions Asked Mathematics

Q : Compute the variable and fixed-cost elemts

Q : What are the three bs mentioned in the article

Q : How many liters from each solution should be used

Q : Determine the fixed factory overhead volume variance

Q : How long will it take for money to double

Q : Designing a motor cycle

Q : Determine the x- and y-component of the acceleration

Q : How long does one read each week

Q : Determining the current in a capacitor

Asked Questions