How long will it take for $5700 to grow two 34,800 and interest-rate of 3.8% but the interest is compounded continuously
For continuous compounding, the formula is:
A = Pert
Where A = Final amount of money, P = initial investment (principle), r = annual interest rate (expressed as a decimal value), t= time in years. To solve for t:
ln(A) = ln(Pert) = ln(P) + ln(ert) = ln(P) + rt
ln(A) - ln(P) = rt
ln(A/P)/r = t
Plug in the values (remember r = 0.038) and solve for t.