Answered step by step
Verified Expert Solution
Question
...
1 Approved Answer
If 8000 dollars is invested in a bank account at an interest rate of 5 per cent per year, compounded continuously. How many years will
If 8000 dollars is invested in a bank account at an interest rate of 5 per cent per year, compounded continuously. How many years will it take for your balance to reach 40000 dollars? NOTE: Give your answer to the nearest tenth of a year
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/07/6690958b48c90_4986690958ad8b80.jpg)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-text-image.webp)
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-subtext-image.webp)
Step: 3
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-subtext-image.webp)
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started