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Advanced MathQ&A LibraryThe 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) 4.1B) 5.0C) 8.7D) 20.1 E) 23.0Question

Asked Dec 28, 2019

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The formula A = Pe^{0.08t}gives 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

Step 1

*Amount for continuous compound interest:*

If *P* amount of money is invested for *t* years at *r*% rate of interest which compounded con...

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