SOLUTION: how many years will it take $1,500 to grow up to $2,923 if it is invested at an annual rate of 7.5% continuously?

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Question 436709: how many years will it take $1,500 to grow up to $2,923 if it is invested at an annual rate of 7.5% continuously?
Answer by stanbon(75887) About Me  (Show Source):
You can put this solution on YOUR website!
how many years will it take $1,500 to grow up to $2,923 if it is invested at an annual rate of 7.5% continuously?
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A(t)=P*e^(rt)
2923 = 1500*e^(0.075t)
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e^(0.075t) = 1.9487
Take the natural log of both sides:
0.075t = 0.6671
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t = 8.895 years
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Cheers,
Stan H.
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