Question

We deposit $12000 into an account carning 3 % interest compounded continuously, How many years will it take

for the account to grow to $16800? Round to 2 decimal places,

Answer 1

The answer is 13.33 year

Explanation:

P = $12000

Rate = 3%

Amount = $16800

so,

I = A-P

= $16800 - $12000

= $4800

So,

T = (I × 100)/P×R

= (4800×100)/P×R

= 480000/($12000×3)

= 480000/36000

= 480/36

= 13.33 year