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Math Help - the number e

  1. #1
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    the number e

    From time t=0, with t in years, a $1200 deposit in a bank account grows according to the formula B = 1200e^0.03t

    a) what is the balance in the account at the end of 100 years?
    (got $24102.64)

    b) when does the balance first go over $50,000?


    help with b please? thanks guys
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  2. #2
    is up to his old tricks again! Jhevon's Avatar
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    Quote Originally Posted by sksksk View Post
    From time t=0, with t in years, a $1200 deposit in a bank account grows according to the formula B = 1200e^0.03t

    a) what is the balance in the account at the end of 100 years?
    (got $24102.64)
    correct


    b) when does the balance first go over $50,000?
    set B = 50000 and solve for t

    can you take it from here?
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  3. #3
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    hmm... that's what i thought and i got t to equal about 124.32. so would my answer be 125 years? just want to make sure i'm answering this correctly.
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  4. #4
    is up to his old tricks again! Jhevon's Avatar
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    Quote Originally Posted by sksksk View Post
    hmm... that's what i thought and i got t to equal about 124.32. so would my answer be 125 years? just want to make sure i'm answering this correctly.
    yeah, i'd say 125 is the best answer. make sure you say something like, rounded off to the closest year. (124.32 is a tad to small a time by the way, apparently you rounded off too much)
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  5. #5
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    Smile

    ok got it. thanks a lot
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