SOLUTION: How many years will it take for an initial investment of 10,000 dollars to grow to 29,000 dollars? Assume a rate of interest of 6% compounded continuously.
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Question 709472: How many years will it take for an initial investment of 10,000 dollars to grow to 29,000 dollars? Assume a rate of interest of 6% compounded continuously.
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
How many years will it take for an initial investment of 10,000 dollars to grow to 29,000 dollars? Assume a rate of interest of 6% compounded continuously.
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A(t) = P*e^(rt)
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29,000 = 10,000*e^(0.06t)
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e^(0.06t) = 29
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0.06t = ln(29)
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t = 56 years
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Cheers,
Stan H.
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