Question

Annabelle invested $5,900 in an account paying an interest rate of 2% compounded continuously. Assuming no deposits or withdrawals are made, how long would it take, to the nearest year, for the value of the account to reach $7,440?

Answer 1

Answer:

Step-by-step explanation:

Continuous compounding has the form

$A=Pe^{rt}\\ \\ t=\frac{ln\frac{A}{P}}{r}\\ \\ t=\frac{ln\frac{7440}{5900}}{0.02}\\ \\ t\approx 11.6\\ \\ t=12$

Answer 2

Answer:

assuming No Deposits Or Withdrawals Are Made, How Long Would It Take, To The Nearest Year, For The Value Of The Account To Reach $7,440? ... invested $5,900 in an account paying an interest rate of 2% compounded continuously