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19 July, 03:23

An initial investment of $200 is now valued at $350. The annual interest rate is 8% compounded continuously. The equation represents the situation, where t is the number of years the money has been invested. About how long has the money been invested? Use a calculator and round your answer to the nearest whole number.

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  1. 19 July, 03:48
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    Using the formula for continuous compounding, F=Pe^rn, we will be able to determine the number of years it took P = 200 to become F = 350. We just substitute the given numbers into the equation, let F=350, P=200, and r=0.08. We will obtain n=7 years, which is the number of years for 200 to become 350.
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