Solve.
-How long will it take for $\$ 3700$ to grow to $\$ 34,300$ at an interest rate of $10.3 \%$ if the interest is compounded continuously? Round the number of years to the nearest hundredth.
A) $0.22 \mathrm { yr }$
B) $2.16 \mathrm { yr }$
C) $2161.95 \mathrm { yr }$
D) $21.62 \mathrm { yr }$

Question

Quizplus · Accepted Answer

Using the formula for continuous compounding, $A = Pe^{rt}$, where $A = 34300$, $P = 3700$, and $r = 0.103$, solve for $t$: $t = \frac{\ln(\frac{34300}{3700})}{0.103} \approx 21.62$ years.

Solve -How Long Will It Take For $3700\$ 3700$3700 To Grow To

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-How Long Will It Take For $\$ 3700$ To Grow To