30,000 = 2400(1 + 0.055/1)t
12.5 = 1.055t
log(12.5) = tlog(1.055)
t = log(12.5)/(log(1.055)
t = 47.174 years later
Chloe W.
asked 12/17/20If $2,400 is invested at 5.5% annual interest, compounded continuously, when is it worth $30,000? Rounded 3 decimal places
30,000 = 2400(1 + 0.055/1)t
12.5 = 1.055t
log(12.5) = tlog(1.055)
t = log(12.5)/(log(1.055)
t = 47.174 years later
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