SOLUTION: How long would it take $7000 to grow to $28,000 at 9% compounded continuously? Round your answer to thenearest tenth of a year.

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Question 1089515: How long would it take $7000 to grow to $28,000 at 9% compounded continuously? Round your answer to thenearest tenth of a year.
Answer by math_helper(2461) About Me  (Show Source):
You can put this solution on YOUR website!
+F+=+Pe%5E%28rt%29+
F = Future value
P = Present value
r = annual rate expressed as a decimal
t = time in years
+28000+=+7000%2Ae%5E%280.09t%29+
++4+=+e%5E%280.09t%29+
+ln%284%29+=+0.09t+
+t+=+ln%284%29%2F0.09+=+highlight%2815.40327%29+ years (about 15 years and 147 days)
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Check: +7000%2Ae%5E%280.09%2A15.40327%29+=+7000%283.9999997%29+=+28000+ rounded to the nearest penny.