Answer:
12 years
Explanation:
For an investment whose interest is compounded continuously, the amount in the account after t years is determined using the formula:
In our given problem:
• A(t) = $6,000
,
• Po = $4000
,
• r = 3.5% = 0.035
We want to find the value of t.
Substitute the given values into the formula:
Then solve for t:
It will take Dennis 12 years (rounded to the nearest year) before he has $6,000 in his account.