If $10,000 is invested in an account earning 4.5% interest compounded continuously, determine how long it will take to money to grow to $15,000.

Answer 1

About 10 days not including weekends if not withdrawing any of the profits and reinvesting 100% of the profits each day. A nice website to use for quick reference is: http://compoundaily.com and if you know the length of the investment term, you will get an accurate breakdown per day of how your money grows compounded at 4.5% daily.

Answer 2

15000 = 1000e^0.045t

1.5 = e^0.045t

ln 1.5 = 0.045t

Can you solve for t and answer?