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Suppose you invest $2000 at an annual interest of 5.5% compounded continuously. a. How much will you have in the account in 10 years? b. How long will it take for the account to reach $5000?
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17 votes
Suppose you invest $2000 at an annual interest of 5.5% compounded continuously.

a. How much will you have in the account in 10 years?
b. How long will it take for the account to reach $5000?

User Yogsototh
by
8.0k points

1 Answer

9 votes

Answer:


2000 * {1.055}^(10) = 3416.29


5000 / 2000 = 2.5


log_(1.055)(2.5) = 17.11

User Brice Rebsamen
by
8.8k points
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