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10 June, 12:47

A principal amount of $600 is placed into a bank account compounded continuously at 3.5%. How long does it take for the amount to reach $1000?

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Answers (2)
  1. 10 June, 15:04
    0
    A=Pe^rt

    1000=600*e^ (0.035t)

    Solve for t

    T = (log (1,000:600) : log (e)) : 0.035

    T=14.6 years
  2. 10 June, 16:10
    0
    A=Pe^rt

    1000=600*e^ (0.035t)

    Solve for t

    T = (log (1,000:600) : log (e)) : 0.035

    T=14.6 years
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