Answer:
It will take 36.1 years for her money to reach $105,000.
Step-by-step explanation:
The amount of money earned after t years in continuous interest is given by:
In which P(0) is the initial investment and r is the interest rate, as a decimal.
Anna invests $7,000 in an account that compounds interest continuously and earns 7.5%.
This means that
How long will it take for her money to reach $105,000?
This is t for which P(t) = 105000.
It will take 36.1 years for her money to reach $105,000.