SOLUTION: Mia invests $2,000 in a money market account that earns 5% annual interest, compounded continuously. Approximately how many years will it take her money to grow to the $4,500 she n

Question 1057607: Mia invests $2,000 in a money market account that earns 5% annual interest, compounded continuously. Approximately how many years will it take her money to grow to the $4,500 she needs for her small business start-up? (Round your answer to one decimal place.)
Answer by mananth(16946) (Show Source): You can put this solution on YOUR website!
r = R/100
r = 5/100
r = 0.05 per year,
Solve for t
A = P * e^(rt)
t = ln(A/P) / r
t = ln(4,500.00/2,000.00) / 0.05

t = 16.2 years
RELATED QUESTIONS
Mia invests $2,000 in a money market account that earns 5% annual interest, compounded... (answered by ikleyn,MathLover1)

A man makes a deposit of $50,000 into an account that pays an annual interest of 5%. How... (answered by math_tutor2020)

Mia has $950 in a savings account that earns 2% annual simple interest. How much money... (answered by solver91311)

Dave has $3000 more money in a money market account than his savings account the savings... (answered by ikleyn)

A hospital administrator deposits $10,000 into an account that earns 9% annual interest... (answered by Theo)

The manager of a trust account invests 25% of a client's account in a money market fund... (answered by mananth)

Michelle invests $8000 in a money market account that pays 3.25% interest compounded... (answered by Fombitz)

Jill and Bill are the same age. Jill inherits $20,000 when she is 25, and invests it in... (answered by josmiceli)

Tyra invests $5300 in a new savings account which earns 4.5% annual interest, compounded... (answered by Boreal)