Andrew deposited $500 in a savings account that offers an interest rate of 6.5%, compounded continuously.

Andrew's initial deposit will grow to $543 in months

Question

Tyrese

10 July, 05:42

+3

Answers (1)

Know the Answer?

Michael Lloyd · Answer 1

A=pe^rt

e^rt=A/p

t = (log (A/p) / log (e)) / r

t = (log (543:500) : log (e)) : 0.065

t=1.3 years

In months

12+3=15 months

Andrew deposited $500 in a savings account that offers an interest rate of 6.5%, compounded continuously.Andrew's initial deposit will grow to $543 in months