Gifted Issues Discussion homepage Forums General Discussion Help - math question!

Hi,

My dd has asked me for help with her homework and I am afraid I am very rusty with my algebra. Here is the problem she needs help with:

"You put $1500 into an account that pays 7% annual interest compounded continuosly. How long will it be before you have $2000 in your account."

Anyone knows of an easy way to explain this problem? Would appreciate your help!

For continuouly compounding use the "Pert" formula.

Here is a good explanation. It uses the e number (similar to pi, but a different number).


http://cs.selu.edu/~rbyrd/math/continuous/

And by the way, if you ever find an account that pays continuously compounding interest,let me know. I have taught this, but always wondered if I could put my money in such an account.

Thank you guys. I knew I could count on you.

My daughter says thank you very much. She said I have very smart friends and she is right! I think she wants to trade moms now.

So basicly in a few years I will need to hire a tutor.

If your children are taking dual credit courses and have a community college nearby, they can use the tutoring lab.

I work in one and they are great - all free tutoring.