Please help me solve this question

Question

investor has deposited $80,000 in an account that pays 5.3% annual interest, compounded continually. How long will it take until the accounts balance is $100,000?

Answer 1

Aryan, what's the formula?

 

100,000 = 80,000e^.053t

 

Dividing both sides by 80,000...

 

e^.053t = 1.25

 

If we take the natural log of both sides...

 

.053t = ln(1.25)

 

Dividing both sides by .053...

 

t = ln(1.25)/.053

 

Put that in your calculator for your answer.