Math Problem Statement
Suppose you invest $500 in an account at 4% interest, compounded continuously. Use logarithms to calculate how long it will be until you have $1000 in the account.
Solution
Ask a new question for Free
By Image
Drop file here or Click Here to upload
Math Problem Analysis
Mathematical Concepts
Exponential Growth
Logarithms
Continuous Compounding
Formulas
A = Pe^{rt}
ln(e^x) = x
Theorems
Logarithmic Properties
Exponential Growth Theorem
Suitable Grade Level
Grades 11-12
Related Recommendation
Continuous Compound Interest: Calculate Time to Grow $250 to $1000 at 7%
Calculate Compound Interest for $500 at 5% Compounded Annually
Calculate Time for $6,000 to Grow to $11,600 with 3.75% Continuous Compounding
Calculate Time to Double $1000 at 5% Annual Interest
Investment Growth Calculation: Compound Interest Over Time