If $27,800 is invested in an account that earns interest at an annual rate of 2.8%, compounded continuously, how long will it take for the account to reach $120,000? (Round your answer to the nearest year.) It will take 53 Y years

If $27,800 is invested in an account that earns interest at an annual rate of 2.8%, compounded continuously, how long will it take for the account to reach $120,000? (Round your answer to the nearest year.) It will take 53 Y years

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter5: The Time Value Of Money

Section: Chapter Questions

Problem 25P

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If $27,800 is invested in an account that earns interest at an annual rate of 2.8%, compounded continuously, how long will it take for the account to reach $120,000? (Round your answer to the nearest year.)
It will take 53
X years.

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