Suppose that $2,300 is invested in an account that pays interest compounded continuously. Find the amount of time that it would take for the account to grow to $3,300 at a 3.5% interest rate. The account will grow to $3,300 in about years. (Type an integer or decimal rounded to one decimal place as needed.)

College Algebra
1st Edition
ISBN:9781938168383
Author:Jay Abramson
Publisher:Jay Abramson
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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Suppose that $2,300 is invested in an account that pays interest compounded continuously. Find the amount of time that it would take for the account to grow to $3,300 at a 3.5% interest rate.
The account will grow to $3,300 in about years.
(Type an integer or decimal rounded to one decimal place as needed.)
Transcribed Image Text:Suppose that $2,300 is invested in an account that pays interest compounded continuously. Find the amount of time that it would take for the account to grow to $3,300 at a 3.5% interest rate. The account will grow to $3,300 in about years. (Type an integer or decimal rounded to one decimal place as needed.)
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