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Math Help - interest help

  1. #1
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    interest help

    Suppose you invest $3000 in an account that pays 5.9% interest compounded continuously.You leave the money in the account without making any additional deposits or withdraws.

    After 7 years the account will be worth$________

    To the nearest 10th of a year, it will take _____years for the money in the account to double.
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    Quote Originally Posted by prissy26 View Post
    Suppose you invest $3000 in an account that pays 5.9% interest compounded continuously.You leave the money in the account without making any additional deposits or withdraws.

    After 7 years the account will be worth$________

    To the nearest 10th of a year, it will take _____years for the money in the account to double.
    These are formula problems. Your course materials should have supplied the formula.

    Evaluate:
    3000*e^{0.059*7} = ??

    Solve for t
    3000*e^{0.059*t} = 6000
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    huh?
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  4. #4
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    Okay, Ty, that was not an encouraging response. It's time to back up a hair and see where you are so I can quit guessing.

    These are test questions to get you started...

    Why are you asking these questions?
    What class are you in?
    What is the nature of your study? Online, self, classroom?
    Do you have a local advisor or tutor?
    Do you have a book?
    What is your motivation for your studies? Required? Fun? Found a book on the street?
    Have you ever met a logarithm or the number "e"?

    If you are not familiar with the most basic notation, we do have to back up to get it or you're going to have to start using magic.
    Last edited by TKHunny; August 16th 2007 at 06:06 AM. Reason: Added a Startup Question
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  5. #5
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    Quote Originally Posted by prissy26 View Post
    Suppose you invest $3000 in an account that pays 5.9% interest compounded continuously.You leave the money in the account without making any additional deposits or withdraws.

    After 7 years the account will be worth$________

    To the nearest 10th of a year, it will take _____years for the money in the account to double.
    Quote Originally Posted by TKHunny View Post
    These are formula problems. Your course materials should have supplied the formula.

    Evaluate:
    3000*e^{0.059*7} = ??

    Solve for t
    3000*e^{0.059*t} = 6000
    The formula is
    P = Ae^{rt}
    where P is principle, A is the initial amount invested, r is the rate, and t is the time.

    -Dan
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