Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Arely invested $1,500 in an account with an interest rate of 6.5%. How many years will it take the balance to reach $10,000 if the

Arely invested $1,500 in an account with an interest rate of 6.5%. How many years will it take the balance to reach $10,000 if the interest is compounded continuously? (Assume no other deposits or withdrawals.) Round to the nearest hundredths.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Contemporary Business Mathematics with Canadian Applications

Authors: S. A. Hummelbrunner, Kelly Halliday, K. Suzanne Coombs

10th edition

133052311, 978-0133052312

Students also viewed these Mathematics questions