SOLUTION: 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 n
Question 1057607: 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.) Answer by mananth(16946) (Show Source):
You can put this solution on YOUR website! r = R/100
r = 5/100
r = 0.05 per year,
Solve for t
A = P * e^(rt)
t = ln(A/P) / r
t = ln(4,500.00/2,000.00) / 0.05
