SOLUTION: How long (in years) would $11,000 have to be invested at 7% compounded continuously to earn $4,609.74 interest?.
It would have to be invested for ____ years. (Round to 2 decimal
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Question 1166448: How long (in years) would $11,000 have to be invested at 7% compounded continuously to earn $4,609.74 interest?.
It would have to be invested for ____ years. (Round to 2 decimal places.)
Answer by greenestamps(13216) (Show Source): You can put this solution on YOUR website!
Continuous compound interest formula:
t (years) is the unknown
r (interest rate) is 7% = .07
P is the principal, $11,000
A is the amount you want to have -- the $11,000 principal, plus $4,609.74 interest = $15,609.74
[1]
The unknown is in the exponent, so use logarithms.
Use a calculator....
Or solve the equation [1] with a graphing calculator by graphing the two expressions and find their point of intersection.
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