Question

Bella invested $8,400 in an account paying an interest rate of 1.9% compounded continuously. Assuming no deposits or withdrawals are made, how long would it take, to the nearest tenth of a year, for the value of the account to reach $9,890?

Answer 1

8.6

Explanation:

lol just trust me

Answer 2

t = 8.594 years

Explanation:

First, convert R as a percent to r as a decimal

r = R/100

r = 1.9/100

r = 0.019 per year,

Then, solve the equation for t

t = ln(A/P) / r

t = ln(9,890.00/8,400.00) / 0.019

t = 8.594 years