SOLUTION: $5000 compounded continuously at 5.5% will take how long to grow to $11,300?
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Question 381160: $5000 compounded continuously at 5.5% will take how long to grow to $11,300?
Answer by neatmath(302) (Show Source): You can put this solution on YOUR website!
When compounding continuously, we use the formula:
Where A is the accumulated value, P is the principal, r is the rate, and t is the time in years.
So we are given A=11300 r=.055 P=5000
So it would take right around 14.825 years for the original $5000 to grow to $11300.
I hope this helps!
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