Question

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.

Answer 1

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