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Elina [12.6K]
2 years ago
8

How long will it take $5500 to grow to $7400 at an interest rate of 5% it the interest is compounded continuouslyRound the numbe

r of years to the
nearest hundredth
see score
Mathematics
1 answer:
Thepotemich [5.8K]2 years ago
8 0

Answer:

 5.93 years

Step-by-step explanation:

The continuous compounding formula tells you the amount after t years will be ...

  A = Pe^(rt) . . . . principal P compounded continuously at annual rate r for t years

  7400 = 5500e^(0.05t)

  ln(7400/5500) = 0.05t . . . . divide by 5500, take natural logs

  t = 20×ln(74/55) ≈ 5.93

It will take about 5.93 years for $5500 to grow to $7400.

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