00:01
So this question says, a woman invest $5 ,600 in account that pays 6 % interest per year and is compounded continuously.
00:09
Now, that's important.
00:11
So since it's compounded continuously, i'm going to use the formula a equals p -e -r -t.
00:19
P is my initial value, so i'm starting out with 5 ,600.
00:24
Now, my rate, i'm going to divide this by 100 to write it as a decimal.
00:28
So we point zero six and i want to know after two years so i'm going to plug two in for t and i'm going to evaluate and i'm going to get after two years six thousand one uh six thousand three hundred and thirteen dollars and ninety eight cents is how much i'll have after two years now it then says how long will take to have nine thousand dollars in my bank count so i'm going to now set equation equal to 9 ,000 and i'm solving for t now.
01:13
So the first thing i'm going to do is i'm going to divide by 5600.
01:20
Cancel out some of these zeros.
01:25
So 90 divided by 56 is not a nice decimal...