SOLUTION: how long will it take for ​$4300 to grow to ​$28600 at an interest rate of 3% if the interest is compounded​ continuously? Round the number of years to the neares
Algebra.Com
Question 1043135: how long will it take for $4300 to grow to $28600 at an interest rate of 3% if the interest is compounded continuously? Round the number of years to the nearest hundredth. thank you
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
how long will it take for $4300 to grow to $28600 at an interest rate of 3% if the interest is compounded continuously? Round the number of years to the nearest hundredth.
A(t) = P*e^(r*t)
--------
28600 = 4300*e^(0.03*t)
-------
e^(0.03t) = 6.6512
0.03t = ln(6.6512)
t = 1.8948/0.03
t = 63.16 years
----------------
Cheers,
Stan H.
--------------
RELATED QUESTIONS
Paul invests $3000 in a savings account earning interest at a rate of
4%... (answered by snoreaylil,ikleyn)
How long will it take for $8900 to grow to $31,000 at an interest rate of 11.9 % if the... (answered by stanbon,solver91311)
How long will it take for $8200 to grow to $46,400 at an interest rate for 10.5% if the... (answered by lwsshak3)
How long will it take $500 to grow to $2,000 at an interest rate of 4% if the interest is (answered by stanbon)
How long will it take $500.00 to grow to $2,000.00 at an interest rate of 4% if the... (answered by Edwin McCravy)
If interest is earned at the rate of 5%, compounded annually, how long will it take an... (answered by addingup)
How long will it take for $9800 to grow to $14,500 at an interest rate of 6.1% if the... (answered by ewatrrr)
How long will it take for $600 to grow to $26,600 at an interest rate of 6.2% if the... (answered by Theo,MathTherapy,math_tutor2020)
How long will it take for $9900 to grow to $29,000 at an interest of 8.3% if interest is... (answered by stanbon)