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Module 2 e please Complete Parts A Co mplete The Compone > x Secure | https://www.mathxLcom/Student/PlayerHomework.aspx?homeworkId-443146025&questionld-; MAT 119-Finite Mathematics, Fall 2017 Homework: M2HW1: Section 5.1 Score: 0.5 of 1 pt 5.1.47 ll of I5(15 complete) wscore: 85%, 12.78 Question Help For each of the following amounts at the given interest rate compounded continuously, find (a) the future value after 5 years, (b) the effective rate, and (c) the time to reach $20,000 $5900 at 3 6% (a) The future value after 5 years is approximately $ 7063.58 Do not round until the final answer. Then round to the nearest cent as needed.) (b) The effective rate is 3.67 % (Do not round until the final answer. Then round to two decimal places as needed) (c) The time to reach S20.000 from $5900 at 3.6% is years (Do not round until the final answer. Then round to two decimal places as needed.) Enter your answer in the answer box and then click Check Answer All parts showing N . // w . P

Explanation / Answer

c.) Time to reach $20,000 from $5,900 with continuous compounding can be calculated as,

5,900 x e0.036t =20,000

e0.036t = 3.3898

Taking log both sides,

0.036t x Log e = log (3.3898)

t = 0.53018/(0.036x0.434)

t = 33.91 years

Hence, the time required is 33.91 years

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