PLEASE HELP !!!! Your mom deposits $3500 into an account that pays 4.75% annual interest compounded continuously. How many

Question

PLEASE HELP !!!!

Your mom deposits $3500 into an account that pays 4.75% annual interest compounded continuously. How many years will it take for the amount of money in the account to reach $15,000? Just enter a numerical answer for the number of years rounded to the hundredth place.

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Diễm Kiều 4 years 2021-08-15T23:40:21+00:00 1 Answers 7 views 0

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  1. King
    0
    2021-08-15T23:41:39+00:00
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    Answer:

    About 31 years

    Step-by-step explanation:

    Given data

    Principal= $3500

    Rate=  4.75%

    Final amount= $15,000

    Time=??

    The expression for time on compound interest is

    Calculate time, solve for t

    t = ln(A/P) / r

    substitute

    Calculate time, solve for t

    t = ln(15000/3500) / 0.0475

    t= ln(4.2857)/ 0.0475

    t= 1.4552/0.0475

    t= 30.63 years

    Hence it will take about 31 years

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