SOLUTION: How long (in years) would it take $9,900 to grow into $22,800 if it's compounded continuously at 4% interest per year? Answer:____ years (Round your answer to 2 decimal places.)

Question 1153462: How long (in years) would it take $9,900 to grow into $22,800 if it's compounded continuously at 4% interest per year?
Answer:____ years (Round your answer to 2 decimal places.)
Answer by ikleyn(52921) (Show Source): You can put this solution on YOUR website!
.


22800 = .


In this equation t is the unknown time in years.


 = 


2.3030 = 


Take the natural logarithm of both sides


ln(2.3030) = 0.04*t


t =  = 20.855.


ANSWER.  In 20.885 years.

Solved.

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