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? Round the n

Question

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?
Round the number of years to the nearest hundredth.

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Gerda 6 months 2021-08-15T13:45:11+00:00 1 Answers 0 views 0

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    2021-08-15T13:46:37+00:00

    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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