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toya96
21.05.2021 •
Mathematics
For her birthday, Patty's parents gave her $5,000.00 which they put into a savings account that earns 10% interest compounded continuously. When Patty started college, she withdrew the entire balance of $5,789.00 and used it to pay for tuition. How long was the money in the account?
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Ответ:
1.465 years
Step-by-step explanation:
First, convert R as a percent to r as a decimal
r = R/100
r = 10/100
r = 0.1 per year,
Then, to solve for time t, when compound interest is compounded continuously, the formula is given as:
t = ln(A/P) / r
Where
A = Amount after time t = $5,789.00
P = Principal = Initial amount = $5,00
r = 0.1
Hence,
t = ln(5,789.00/5,000.00) / 0.1
t = 1.465 years
Therefore, the money was in the account for 1.465 years
Ответ:
answer:
c i hope it helps
Step-by-step explanation:
the answer is hopefully right because i got.it right