SOLUTION: How long (in years) would it take $9,900 to grow into $22,800 if it's compounded continuously at 4% interest per year? Answer:____ years (Round your answer to 2 decimal places.)

Algebra ->  Customizable Word Problem Solvers  -> Misc -> SOLUTION: How long (in years) would it take $9,900 to grow into $22,800 if it's compounded continuously at 4% interest per year? Answer:____ years (Round your answer to 2 decimal places.)      Log On

Ad: Over 600 Algebra Word Problems at edhelper.com


    

Question 1153462: How long (in years) would it take $9,900 to grow into $22,800 if it's compounded continuously at 4% interest per year?
Answer:____ years (Round your answer to 2 decimal places.)
Answer by ikleyn(52915) About Me  (Show Source):
You can put this solution on YOUR website!
.

22800 = 9900%2Ae%5E%280.04%2At%29.


In this equation t is the unknown time in years.


22800%2F9900 = e%5E%280.04%2At%29


2.3030 = e%5E%280.04%2At%29


Take the natural logarithm of both sides


ln(2.3030) = 0.04*t


t = ln%28%282.3030%29%29%2F0.04 = 20.855.


ANSWER.  In 20.885 years.

Solved.