To provide for a future expansion, a company plans to make continuous deposits to a savings account

Question:

To provide for a future expansion, a company plans to make continuous deposits to a savings account at the rate of $50,000 per year, with no initial deposit. The managers want to accumulate $500,000. How long will it take if the account earns 10% interest compounded continuously?

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For  book-img-for-question
Question Posted: