How long will it take for $6400 to grow to $43,800 at an interest rate of 3.4% if the interest is compounded continuously?
1 answer:
Answer:
57.53years to the nearest hundredth
Step-by-step explanation:
For compound interest,A=P(1+r/100)^t
where r=rate of interest
t= investment tenor
$43800=6400(1+3.4/100)^t
which simplifies to 57.5250≈57.53 to the nearest hundredth
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