Question in the description

Question

After approximately how many years will an account have $8,000 if $5,00 is deposited and the account receives 7% interest compounded continuously?

Answer 1

Future Value = $8000

Present Value = $500

Interest Rate = 7% (0.07)

Time (years) = x (solve for it)

Here is the formula:

FV = PV*(1+i)^N ; we need to plug all numbers in and solve for n

8000=500*(1+0.07)^N

N = 40.98 or 41 years

Answer 2

8000 = 5e^0.07t

1600 = e^0.07t

ln 1600 = 0.07t

Can you solve for t and answer?