I can't seem to get these problems solved. I have attempted to follow examples given, but I continue to get stuck at a certain point in the process. Please can someone help? Thanks kindly.:confused:
If a bank compounds continuous, then the formula becomes simpler, that is A=P e^(rt) where e is a constant and equals approximately 2.7183. Calculate A with continuous compounding. Round your answer to the hundredth's place.
Now suppose, instead of knowing t, we know that the bank returned to us $25,000 with the bank compounding continuously. Using logarithms, find how long we left the money in the bank (find t). Round your answer to the hundredth's place.
A commonly asked question is, "How long will it take to double my money?" At 8% interest rate and continuous compounding, what is the answer? Round your answer to the hundredth's place.