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22 March, 00:25

A principal amount of $600 is placed into a bank account compounded continuously at 3.5%. How long does it take for the amount to reach $1000?

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  1. 22 March, 00:42
    0
    A=Pe^rt

    1000=600*e^ (0.035t)

    Solve for t

    T = (log (1,000:600) : log (e)) : 0.035

    T=14.6 years
  2. 22 March, 00:55
    0
    A=Pe^rt

    1000=600*e^ (0.035t)

    Solve for t

    T = (log (1,000:600) : log (e)) : 0.035

    T=14.6 years
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