Question 767559: How many years will it take for $2000 to grow to $3600 if invested at 3%? If A)compounded quarterly? and B)if compounded continously? Answer by solver91311(24713) (Show Source):
Where is the future value, is the present value, is the interest rate expressed as a decimal, is the number of compounding periods per year, and is the number of years.
For continuous compounding:
Where , , , and are as above and is transcendental irrational number that is the base of the natural logarithms.
Just plug in your numbers in each case and solve for
John
My calculator said it, I believe it, that settles it
