Question 206833This question is from textbook Intermediate Algebra
: How long would it take for $1000 to grow to $4300 at 5% interest. Compounded Continously. Please go step by step. Thanks.
This question is from textbook Intermediate Algebra
Answer by Alan3354(69443)   (Show Source):
You can put this solution on YOUR website! How long would it take for $1000 to grow to $4300 at 5% interest. Compounded Continously
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FV = PV*e^rt
4300 = 1000*e^0.05t
e^0.05t = 4.3
0.05t = ln(4.3)
t = 20ln(4.3)
t =~ 29.1723
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If the interest rate is 5% per year, then it's 29... years.
If it's 5% per day, then it's 29... days, etc
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