document.write( "Question 1205115: 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.)
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Algebra.Com's Answer #841751 by ikleyn(52786) $\"\"$ $\"About$

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\n" ); document.write( "Mia invests $2,000 in a money market account that earns 5% annual interest, compounded continuously.
\n" ); document.write( "Approximately how many years will it take her money to grow to the $4,500 she needs for her small
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document.write( "Using the formula for continuously compounded account, write\r\n" );
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document.write( "    4500 = .\r\n" );
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document.write( "Divide both sides by 2000\r\n" );
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document.write( "     = .\r\n" );
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document.write( "It is the same as\r\n" );
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document.write( "    2.25 = .\r\n" );
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document.write( "Take natural logarithm of both sides\r\n" );
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document.write( "    ln(2.25) = 0.05*t,\r\n" );
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document.write( "    t =  = 16.22\r\n" );
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document.write( "Round to one decimal place\r\n" );
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document.write( "    t = 16.2 years.    ANSWER\r\n" );
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\n" ); document.write( "\n" ); document.write( "To see many other similar (and different) solved problems on continuously compounded accounts, look into the lesson\r
\n" ); document.write( "\n" ); document.write( " - Problems on continuously compound accounts \r
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\n" ); document.write( "\n" ); document.write( "After reading this lesson, you will tackle such problems on your own without asking for help from outside.\r
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