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Natalie invests $6,680 in a savings account with an interest rate of 2% compounded continuously.
How long will it take for the account balance to reach $8,838.51?

PLEASE HELP Natalie Invests 6680 In A Savings Account With An Interest Rate Of 2 Compounded Continuously How Long Will It Take For The Account Balance To Reach class=

Sagot :

abidemiokin

The time it will take the money to reach $8,838.51 is 14years

Compound interest

The formula for calculating compound interest is expressed as:

A = P(1+r)^t

where

P = $6,680

A = $8,838.51?

r = 2% = 0.02

Substitute and calculate the time 't"

8,838.51 = 6680(1+0.02)^t
1.3231 = 1.02^t

t = ln1.3231/ln1.02

t = 14years

Hence the time it will take the money to reach $8,838.51 is 14years

Learn more on compound interest here: https://brainly.com/question/24924853

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