[SOLVED] Logs and investments

**jnm07** · February 10th 2009, 06:26 AM

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 ?

**earboth** · February 10th 2009, 07:37 AM

Originally Posted by jnm07

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:

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

Thread: [SOLVED] Logs and investments

LinkBack

Thread Tools

Display

[SOLVED] Logs and investments

Similar Math Help Forum Discussions

[SOLVED] Logs

[SOLVED] lost on logs?

[SOLVED] logs

[SOLVED] [SOLVED] reviewing logs

Investments

Search Tags