Question 1159783

If you invest $2,500 in an account, what is the time that will take you to get $2,571 if the
interest rate is 0.7% compounded continuously?
<pre>{{{matrix(1,3, A, "=", Pe^(rt))}}}
{{{matrix(1,3, "2,571", "=", "2,500"e^(.007 * t))}}} ----- Making necessary substitutions
{{{matrix(1,3, "2,571"/"2,500", "=", e^(.007t))}}}
{{{matrix(1,3, .007t, "=", ln ("2,571"/"2,500"))}}} ------ Converting to EXPONENTIAL form
Time for $2,500 to accumulate to $2,571, or{{{highlight_green(matrix(1,6, t, "=", ln ("2,571"/"2,500")/.007, "=", 4.0006, years))}}}