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22 November, 22:19

How long will it take for $2100 to grow to $47200 at an interest rate of 4.5% if the interest is compounded continuously? Round the number of years to the nearest

hundredth

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  1. 22 November, 22:36
    0
    hi,

    you have then : 2100 * 1.045 ^n = 47 200

    1.045^n = 47200 / 2100

    1.045^n = 472/21

    n = ln (472/21) / ln (1.045)

    n ≈71 years

    let's check : 2100 * 1.045^70 = 45746,68 and 2100 * 1.045^71 = 47805.28
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