If $5000 is invested at 9% interest find the amount after 3 years if the interested is compounded continuously. Find the time required for the investment to double if the interest is compounded continuously.
Okay I did the A=Pe^rt
5000e^.09x3
5000e^.27
5000(1.3099)
A=$6549.82
then...
10000=5000e^.09x
2=e^.09x
0.693=.09x
7.701=x
What did I do wrong?
Thanks!
Okay I did the A=Pe^rt
5000e^.09x3
5000e^.27
5000(1.3099)
A=$6549.82
then...
10000=5000e^.09x
2=e^.09x
0.693=.09x
7.701=x
What did I do wrong?
Thanks!