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Kelly really wants to buy a car. She needs a down payment of $6000. If she deposits $4550 now with interest compounding continuously at 5%, how many years will it take her to save enough to buy the car?
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43 votes
43 votes
Kelly really wants to buy a car. She needs a down payment of $6000. If

she deposits $4550 now with interest compounding continuously at 5%,
how many years will it take her to save enough to buy the car?

User Alowflyingpig
by
3.3k points

1 Answer

10 votes
10 votes

Answer:

6 years

Explanation:

4550 x 1.05⁶= 6097.43516484

User Yitian
by
2.8k points
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