The formula A = Pe0.08tgives the amount A that a savings account will be worth after anitial investment P is compounded continusously at an annual rate of 8 percent for t years. Under these conditions, how many years will it take an initial investment of $1,000 to be worth approximately $5,000.  A) 4.1 B) 5.0 C) 8.7 D) 20.1  E) 23.0

Algebra & Trigonometry with Analytic Geometry
13th Edition
ISBN:9781133382119
Author:Swokowski
Publisher:Swokowski
Chapter5: Inverse, Exponential, And Logarithmic Functions
Section5.3: The Natural Exponential Function
Problem 8E
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The formula A = Pe0.08tgives the amount A that a savings account will be worth after anitial investment P is compounded continusously at an annual rate of 8 percent for t years. Under these conditions, how many years will it take an initial investment of $1,000 to be worth approximately $5,000. 

A) 4.1

B) 5.0

C) 8.7

D) 20.1 

E) 23.0 

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