SOLUTION: How long will it take $1100 to grow to $1900 at 6.5% interest compounded continuously? Round to the number of years to the nearest hundredth.
Question 460474: How long will it take $1100 to grow to $1900 at 6.5% interest compounded continuously? Round to the number of years to the nearest hundredth. Answer by nerdybill(7384) (Show Source):
You can put this solution on YOUR website! How long will it take $1100 to grow to $1900 at 6.5% interest compounded continuously? Round to the number of years to the nearest hundredth.
.
Apply continuous interest formula of:
A = Pe^(rt)
where
A is 1900
P is 1100
r is .065
.
1900 = 1100e^(.065t)
1900/1100 = e^(.065t)
1.72727 = e^(.065t)
ln(1.72727) = .065t
ln(1.72727)/.065 = t
8.41 years = t
