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QUESTION 6 . 1 POINT
$12,000 is invested at 6.8% compounded continuously. After how many years, to the nearest hundredth, will it be worth
$36,230?
Provide your answer holom

Respuesta :

sqdancefan

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Answer:

 16.25

Step-by-step explanation:

The value of principal P compounded continuously at annual rate r for t years is ...

  A = Pe^(rt)

Then t is ...

  t = ln(A/P)/r

  t = ln(36230/12000)/0.068 ≈ 16.2497

The investment will be worth $36,230 after 16.25 years.

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