Problema Solution
How long will it take 40$ to reach a value of 120$ at 5.5% compounded continuously
Answer provided by our tutors
How long will it take 40$ to reach a value of 120$ at 5.5% compounded continuously
A=Pe^(rt).
120=40*(e)^(0.055t).
3=e^0.055t.
0.055t=ln 30.
t=19.97 or 20 years.