SOLUTION: HOW MANY YEARS WILL IT TAKE $3000 TO GROW TO $4667 IF IT IS INVESTED AT AN ANNUAL RATE OF 13%, COMPOUNDED CONTINUOUSLY? ROUND YOUR ANSWER TO ONE DECIMAL PLACE.

Algebra ->  Coordinate Systems and Linear Equations  -> Linear Equations and Systems Word Problems -> SOLUTION: HOW MANY YEARS WILL IT TAKE $3000 TO GROW TO $4667 IF IT IS INVESTED AT AN ANNUAL RATE OF 13%, COMPOUNDED CONTINUOUSLY? ROUND YOUR ANSWER TO ONE DECIMAL PLACE.      Log On


   

Question 110933: HOW MANY YEARS WILL IT TAKE $3000 TO GROW TO $4667 IF IT IS INVESTED AT AN ANNUAL RATE OF 13%, COMPOUNDED CONTINUOUSLY? ROUND YOUR ANSWER TO ONE DECIMAL PLACE.
Answer by stanbon(75887) About Me  (Show Source):
You can put this solution on YOUR website!
HOW MANY YEARS WILL IT TAKE $3000 TO GROW TO $4667 IF IT IS INVESTED AT AN ANNUAL RATE OF 13%, COMPOUNDED CONTINUOUSLY? ROUND YOUR ANSWER TO ONE DECIMAL PLACE.
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A(t) = Ao*e^rt
4667 = 3000*e^(0.13t)
e^(0.13t) = 1.555666666
Take the natural log to get:
0.13t = 0.441904...
t = 3.4 years
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Cheers,
Stan H.