Question 381764: How long will it take for $9900 to grow to $29,000 at an interest of 8.3% if interest is compounded continuously? Please help me solve. Answer by stanbon(75887) (Show Source):
You can put this solution on YOUR website! How long will it take for $9900 to grow to $29,000 at an interest of 8.3% if interest is compounded continuously?
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A(t) = P*e^(rt)
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29000 = 9900*e^(0.083t)
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e^(0.083t) = 2.929
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Take the natural log of both sides to get:
0.083t = ln(2.929)
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t = 12.95 years
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Cheers,
Stan H.
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