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How long does it take for ​$350 to grow to ​$1,050 at ​5% annual percentage rate compounded​ continuously?


It will take about [enter your response here]

years for ​$350 to grow to ​$1,050 at 5% annual percentage rate when compounded continuously.
(Round to the nearest whole number as​ needed.)

How long does it take for 350 to grow to 1050 at 5 annual percentage rate compounded continuouslyIt will take about enter your response here years for 350 to gr class=

Respuesta :

sqdancefan

Answer:

  22 years

Step-by-step explanation:

The continuous interest formula is ...

  A = P·e^(rt) . . . . . balance on principal P earning interest at rate r for t years

You want to find t when ...

  1050 = 350·e^(0.05t)

Dividing by 350 and taking natural logs, we have ...

  ln(3) = 0.05t

  t = ln(3)/0.05 ≈ 22.0

It will take about 22 years for $350 to grow to $1050.

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