$7450 is invested at 8.0% compounded continuously. How long will it take for the balance to reach $14900? Round your answer to t
wo decimal places, if necessary.
1 answer:
Answer:
8.66 years
Step-by-step explanation:
The formula for the value (A) of an investment (P) compounded continuously at annual interest rate r for t years is ...
A = P·e^(rt)
Filling in the given values, we can solve for t:
14900 = 7450e^(0.08t)
2 = e^(.08t) . . . . . divide by 7450
ln(2) = 0.08t . . . . take the natural log
t = ln(2)/0.08 ≈ 8.66
It will take about 8.66 years for the balance to reach $14900.
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