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

Question

Mathematics

Bryan Hicks

19 March, 17:59

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

+3

Answers (1)

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Blaine Ray · Answer 1

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

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 nearesthundredth

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