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Tyron is saving up money for a down payment on a motorcycle. He currently has $2979, but knows he can get a loan at a lower interest rate if he can put down $3830. If he invests the $2979 in an account
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Tyron is saving up money for a down payment on a motorcycle. He currently has $2979, but knows he can get a loan at a lower interest rate if he can put down $3830. If he invests the $2979 in an account that earns 3.8% annually, compounded continuously, how long will it take Tyrion to accumulate the $3830

User Qiaochu Yuan
by
3.3k points

1 Answer

5 votes

Answer:

6.6 Years

Step-by-step explanation:

Number of years =
(In((FV)/(PV)) )/(r)

FV = future value

PV = present value

r = interest rate


(In((3830)/(2979)) )/(0.038) = 6.6 years

User Jun Drie
by
3.6k points
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