Kevin invest $2,000 at 4.6% compounded continuously. How long will it take him to have $3,700
1 answer:
Answer:
t=In(37/20)/0.046
Step-by-step explanation:
p=2000
r=0.046
A=3700
t=?
3700=2000e^0.046t
switch sides
2000e^0.046t=3700
Divide both sides by 2000
$2000e^0.046t/2000=$3700/2000
Simplify
e^0.046=37/20
Apply exponent rules
0.046=37/20
Solve 0.046t = ln(37/20)
t=In(37/20)/0.046
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