Question

If you invest ​$10,000 in an account that pays 1.7​% interest

compounded​ continuously, how long will it take for the investment
to amount to ​$28,000​?

Answer 1

Explanation:

Continuous Compound interest formula :

FV = PV e^(rt) PV = principle= 10000 r = decimal interest FV = 28000

28000 = 10000 e^(.017 t) solve for t

t = 60.6 years