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Math Help - Initial Principle

  1. #1
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    Question Initial Principle

    The amount A in an account after t years from an initial principle P invested at an annual rate r compounded continuously is given by A =Pe^rt where r is expressed as a decimal. How many years will it take an initial investment of $1,000 to grow to $1,700 at a rate of 4.42% compounded continuously?
    My answer is 11 years is this right. thanks for checking.
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  2. #2
    Grand Panjandrum
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    Quote Originally Posted by kwtolley
    The amount A in an account after t years from an initial principle P invested at an annual rate r compounded continuously is given by A =Pe^rt where r is expressed as a decimal. How many years will it take an initial investment of $1,000 to grow to $1,700 at a rate of 4.42% compounded continuously?
    My answer is 11 years is this right. thanks for checking.
    Can you tell us your reasoning, so that we can help identify were you are
    going wrong.

    RonL
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  3. #3
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    Smile reworked my answer: initial principle

    13 years, I see where I went wrong. Thanks for checking.
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  4. #4
    Grand Panjandrum
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    Quote Originally Posted by kwtolley
    13 years, I see where I went wrong. Thanks for checking.
    Are you sure?

    RonL
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