Suppose you deposit $100 in a savings account where the interest earned is compounded continuously at a rate of 2%. How many yea
rs will it take the balance in the account to reach $10,000 (round your answer to
the nearest year)?
A. 231 years
B. 230 years
C. 234 years
D. 232 years
1 answer:
Answer:T = 230.259 years
So choice B
Step-by-step explanation:
T = r / 100
T : 2 /100 = 0.02 per year
Now let’s solve for t using this equation
In ( A/P) / r
In ( 10000/100) / 0.02
Put this on calculator u get 230.259 years and now to the nearest year
is 230 years.
Hope this help
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