Ask Question
4 May, 20:33

Phillip invested $6000 compounded continuously at 7.5% interest. How long will it take him to reach $10000

+5
Answers (1)
  1. 4 May, 20:59
    0
    Okay. So the account starts out at 6,000. Then the account grows with 7.5% interest per year. In one year, Phillip will have $6,450 in his account, because that is 7.5% of the interest of 6,000. Then, you do the $6,450 and multiply that by 7.5% to get $483.75, because we're doing compound interest, which means find the interest by the current amount that's in the bank by the interest rate. 6,450 + 483.75 = 6,933.75. In two years, Phillip will have $6,933.75. In three years, he will have $7,454.06. In four years, he will have $8,013.12. In five years, he will have $8.614.10. In six years, he will have $9,260.16. In seven years, he will have $9,954.67. In eight years, he will have $10,701.27. It will take Phillip 8 years until he reaches $10,000.
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “Phillip invested $6000 compounded continuously at 7.5% interest. How long will it take him to reach $10000 ...” in 📗 Mathematics if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers