You have $2500 in the bank compounding continuously with a rate of 2.4% per year. With no other deposits or withdraws, how long has the money been in the account if there is $2922.07 now.

Question

Round your answer to the nearest tenth of a year.

Answer 1

2,922.07 = 2,500e^.024t

Divide both sides by 2,500.

Take the natural log of both sides.

Then divide by .024 to get the # of years.