Question

Kevin invest $2,000 at 4.6% compounded continuously. How long will it take him to have $3,700

Answer 1

t=In(37/20)/0.046

Explanation:

p=2000

r=0.046

A=3700

t=?

3700=2000e^0.046t

switch sides

2000e^0.046t=3700

Divide both sides by 2000

$2000e^0.046t/2000=$3700/2000

Simplify

e^0.046=37/20

Apply exponent rules

0.046=37/20

Solve 0.046t = ln(37/20)

t=In(37/20)/0.046