How many years will it take $7,000 to grow to $11,300 if it is invested at...

How many years will it take $7,000 to grow to $11,300 if it is invested at 3.25% compounded continuously?

Expert Solution

Using Continuous Compounding Formula,

11,300 = 7,000(e^0.0325(t))

Using log,

0.0325(t) = log(11,300/7,000)/log(e)

t = 14.74 years

jeff jeffy answered 3 years ago

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