Answered

Westonci.ca makes finding answers easy, with a community of experts ready to provide you with the information you seek. Get quick and reliable solutions to your questions from knowledgeable professionals on our comprehensive Q&A platform. Connect with a community of professionals ready to provide precise solutions to your questions quickly and accurately.

If you put $5,000 in an investment that earns 8% interest compounded continuously, how many years, rounded to the second decimal, will take it until you have $8,303.00?

Sagot :

samuelonum1

Answer:

6.34 years

Step-by-step explanation:

Given data

Principal P=$5,000

Rate r= 8%

Final amount A=  $8,303.00

The expression for the time will be

t= ln(A/P)/r

substitute

t= ln(8,303.00/5000)/0.08

t= ln(1.6606)/0.08

t= 0.507/0.08

t= 6.3375

Hence the time is about 6.34 years

We hope you found this helpful. Feel free to come back anytime for more accurate answers and updated information. We hope this was helpful. Please come back whenever you need more information or answers to your queries. Thank you for visiting Westonci.ca. Stay informed by coming back for more detailed answers.