How many years will it take for an initial investment of $20,000 to grow to $30,000? Assume a rate of interest of 6% compounded
continuously.
1 answer:
F = Pe^(rt)
F is the final amount
P is the principal
r is the interest rate
t is the time in years
30000=20000 e^(.06t)
divide by 20000
3/2 = e ^ .06t
take the ln on each side
ln(3/2) = .06t
divide by .06
ln(3/2)/.06 =t
t=6.75775 years
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Hope this helps :)
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