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Math Help - [SOLVED] Logs and investments

  1. #1
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    [SOLVED] Logs and investments

    The problem says:

    How long to the nearest year will it take me to become a millionaire if I invest $1000 at 10% interest compounded continuously?

    I used the formula
    A(t) = Pe(^rt)

    1000000 = 1000e(^.1t)

    1000000/1000 = 1000/1000 e(^.1t)

    1000 = e(^.1t)

    is it possible to do: log1000/log e ?
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  2. #2
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    Quote Originally Posted by jnm07 View Post
    The problem says:

    How long to the nearest year will it take me to become a millionaire if I invest $1000 at 10% interest compounded continuously?

    I used the formula
    A(t) = Pe(^rt)

    1000000 = 1000e(^.1t)

    1000000/1000 = 1000/1000 e(^.1t)

    1000 = e(^.1t)

    is it possible to do: log1000/log e ?
    Use natural logarithms:

    1000 = e^{0.1t}~\implies~\ln(1000)=0.1\cdot t~\implies~t=\dfrac{\ln(1000)}{0.1}~\approx 69\ years
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