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Continuously compounded interest?
If you deposit $5,000 in a savings account today, in how many years will you have $12,000 in the account if the interest is compounded continuously with a 5% interest rate?
Also a similar problem: (exponential growth)
The population of a city grows at a rate of 4% per year. If there are 125,000 people in the city today, in how many years will there be 500,000 people? How many people will there be in 15 years?
3 Answers
- 8 years agoFavorite Answer
A = P * e^(rt)
A = 12000
P = 5000
r = 5% = 0.05
12000 = 5000 * e^(0.05 * t)
12/5 = e^(t/20)
ln(12/5) = t/20
20 * ln(2.4) = t
t = 17.509374747077998712579002932254
