Question

An investment of $7000 grows at a continuous rate of 12% per year. How long will it take to reach a value of $30000? Round to one decimal place.

Name: an investment of 7000 grows at a continuous rate of 12 per year how long will it take to reach a value of 30000 round to one decimal place
Uploaded: 2023-07-15T18:44:58-08:00
Duration: 1 min 6 s
Channel: Donna Densmore
Description: an investment of 7000 grows at a continuous rate of 12 per year how long will it take to reach a value of 30000 round to one decimal place

          An investment of $7000 grows at a continuous rate of 12% per year. How long will it take to reach a value of
$30000? Round to one decimal place.

Added by Maddie L.

Precalculus with Limits

Ron Larson 2nd Edition

Instant Answer

Solved by Expert Donna Densmore

07/15/2023

Step 1

71828) We are given: - P = $7000 - A = $30000 - r = 12% = 0.12 We need to find t. Substituting the given values into the formula, we get: 30000 = 7000 * e^(0.12t) To solve for t, we first divide both sides by 7000: 30000/7000 = e^(0.12t) 4.2857 = e^(0.12t) Show more…

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