Question

10. Giselle invests $16,250 in an account that earns 4.25% interest, compounded continuously.

How long, rounded to the nearest year, will it take for Giselle's money to grow to $40,000?

Answer 1

Answer: 24 years

Explanation:

% • total = Answer

4.25% • $40,000 = Answer

.0425 • $40,000 = Answer

Answer = $1,700 per year

40,000 ÷ 1,700 = 23.5

23.5 rounded to the nearest year is 24