How long will it take for $6400 to grow to $43,800 at an interest rate of 3.4% if the interest is compounded continuously? Round the number of years to the nearest hundredth.

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Erwin Bolwidt · Answer 1 · 2021-07-09T02:09:14+0000

Answer:

57.53years to the nearest hundredth

Explanation:

For compound interest,A=P(1+r/100)^t

where r=rate of interest

t= investment tenor

$43800=6400(1+3.4/100)^t

which simplifies to 57.5250≈57.53 to the nearest hundredth