SOLUTION: how long will it take for ​$4300 to grow to ​$28600 at an interest rate of 3% if the interest is compounded​ continuously? Round the number of years to the neares
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Question 1043135: how long will it take for $4300 to grow to $28600 at an interest rate of 3% if the interest is compounded continuously? Round the number of years to the nearest hundredth. thank you Answer by stanbon(75887) (Show Source):
You can put this solution on YOUR website! how long will it take for $4300 to grow to $28600 at an interest rate of 3% if the interest is compounded continuously? Round the number of years to the nearest hundredth.
A(t) = P*e^(r*t)
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28600 = 4300*e^(0.03*t)
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e^(0.03t) = 6.6512
0.03t = ln(6.6512)
t = 1.8948/0.03
t = 63.16 years
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Cheers,
Stan H.
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