Help with mathhh?

The formula for calculating the amount of money returned for an initial deposit money into a bank account or CD (Certificate of Deposit) is given by

A = P(1+r/n)^nt

A is the amount of returned.

P is the principal amount initially deposited.

r is the annual interest rate (expressed as a decimal).

n is the compound period.

t is the number of years.

Suppose you deposit $10,000 for 2 years at a rate of 10%.

Now suppose, instead of knowing t , we know that the bank returned to us $15,000 with the bank compounding continuously. Using natural logarithms, find how long we left the money in the bank (find t ). Round your answer to the hundredth%26#039;s place.

Help with mathhh?annual credit report

If its compounded continuously, then I%26#039;m pretty sure you use the formula:

A = Pe^rt

Where the variables are as you mentioned earlier.

So, substitute the numbers in...

15,000 = 10,000e^(.10)(t)

Divided both sides by 10,000...

1.5 = e^(.10)(t)

Take the natural log (ln) of both sides to cancel out the e...

ln1.5 = .1t; .4054651081 = .1t

Divide both sides by .1...

t = 4.05 years

I%26#039;ll double check, but that should work.