Question 1198521
How long will it take for $600 to grow to $26,600 at an interest rate of 6.2% if the interest is
compounded continuously? Round the number of years to the nearest hundredth.
<pre>The person who responded is WRONG!

         Formula for CONTINUOUS COMPOUNDING: {{{matrix(1,3, P, "=", e^(rt))}}}
                                   {{{matrix(4,3, "26,600", "=", e^(.062t),
"26,600"/600, "=", e^(.062t), 133cross("26,600")/3cross(600), "=", e^(.062t),
133/3, "=", e^(.062t))}}}
                                        {{{matrix(1,3, .062t, "=", ln(133/3))}}} ------ Converting to LOGARITHMIC (NATURAL) form
Time taken for $600 to grow to $26,600, or {{{highlight_green(matrix(1,13, highlight(t), "=", ln(133/3)/.062, "=", "61.1570458,", or, highlight(61.16), "(ROUNDED", to, the, nearest, "hundredth)", years))}}}</pre>