Question

how many years (to two decimal places) will it take an investment of $17,000 to grow to $41,000 if it is invested at 2.95% compounded continuously

Answer 1

30 years

Explanation:

Given data

P=$17,000

A= $41,000

R=2.95%

the expressio for the time is

t= ln(A/P)/r

t= ln(41,000 /17000)/0.0295

t= ln(2.41176)/0.0295

t= 0.8803/0.0295

t= 29.8

about 30 years