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
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
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...
Related questions
Question
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
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
Recommended textbooks for you
Algebra & Trigonometry with Analytic Geometry
Algebra
ISBN:
9781133382119
Author:
Swokowski
Publisher:
Cengage
Algebra and Trigonometry (MindTap Course List)
Algebra
ISBN:
9781305071742
Author:
James Stewart, Lothar Redlin, Saleem Watson
Publisher:
Cengage Learning
Algebra & Trigonometry with Analytic Geometry
Algebra
ISBN:
9781133382119
Author:
Swokowski
Publisher:
Cengage
Algebra and Trigonometry (MindTap Course List)
Algebra
ISBN:
9781305071742
Author:
James Stewart, Lothar Redlin, Saleem Watson
Publisher:
Cengage Learning