SOLUTION: How long will it take for $9800 to grow to $14,500 at an interest rate of 6.1% if the interest is compounded continuously? Round the number of years to the nearest hundredth.
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Question 933690: How long will it take for $9800 to grow to $14,500 at an interest rate of 6.1% if the interest is compounded continuously? Round the number of years to the nearest hundredth. Answer by ewatrrr(24785) (Show Source):
You can put this solution on YOUR website! A = P e ^(rt)
A/P = e ^(rt)
ln(A/P) = rt
ln(A/P)/r = t
ln(14500/9800)/.061 = t = 6.42yr (Rounded to the nearest hundredth)
