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if tanisha has $100 to invest at 9% compounded continuously, how long will it be before she has $250?

User Chong Luo
by
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1 Answer

5 votes
The formula is
A=pe^rt
A future value 250
P present value 100
E constant
R interest rate 0.09
T time?
250=100e^0.09t
Solve for t
250/100=e^0.09t
Take the log
Log (250/100)=log (e)×0.09t
0.09t=log (250/100)÷log (e)
T=(log(250÷100)÷log(e))÷0.09
T=10.18 years round your answer to get 10 years

Hope it helps!
User AlexTR
by
6.4k points
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