How many years will it take for an initial investment of $20,000 to grow to $30,000? Assume a rate of interest of 12% compounded continuously. It will take about years for the investment to grow to $30,000. (Round to two decimal places as needed.) 20

College Algebra
1st Edition
ISBN:9781938168383
Author:Jay Abramson
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Chapter6: Exponential And Logarithmic Functions
Section: Chapter Questions
Problem 4PT: An investment account was opened with aninitial deposit of 9,600 and earns 7.4 interest,compounded...
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How many years will it take for an initial investment of $20,000 to grow to \$30:000 Assume a rate of interest of 12% compounded continuously
How many years will it take for an initial investment of $20,000 to grow to $30,000? Assume a rate of interest of 12% compounded continuously.
It will take about years for the investment to grow to $30,000.
(Round to two decimal places as needed.)
**
Transcribed Image Text:How many years will it take for an initial investment of $20,000 to grow to $30,000? Assume a rate of interest of 12% compounded continuously. It will take about years for the investment to grow to $30,000. (Round to two decimal places as needed.) **
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