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Addison invested $440 in an account paying an interest rate of 2%
compounded continuously. Assuming no deposits or withdrawals are
made, how long would it take, to the nearest tenth of a year, for the
value of the account to reach $610?

Sagot :

Madethisfortwitch1idn

Answer:

16.3

Step-by-step explanation:

Continuously compounding interest formula:

pe^(r*t)

we know that

440e^(.02x)=610

Sovle for x

e^.02x=1.38

.02x=ln1.38

.02x=.3267

x=16.3

Answer:

16.3

Step-by-step explanation:

I got it right  

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