Question

*Will give brainliest. $1,500 is invested into an account with an interest rate of 6.75%. How many years will it take for the account to reach $7,300? Round to the nearest hundredth

Answer 1

The formula of a continuous compound interest is
A=p e^rt
A future value 7300
P present value 1500
E constant
R interest rate 0.0675
T time?
Solve the formula for t
T=[log (A/p)÷log (e)]÷r
T=(log(7,300÷1,500)÷log(e))÷0.0675
T=23 years