1. ## 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.

2. Originally Posted by prissy26
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:
$\displaystyle 3000*e^{0.059*7} = ??$

Solve for t
$\displaystyle 3000*e^{0.059*t} = 6000$

3. huh?

4. 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.

5. Originally Posted by prissy26
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.
Originally Posted by TKHunny
These are formula problems. Your course materials should have supplied the formula.

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

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

-Dan