derek invested 1500 into an account that pays 4% interest compounded continuously. How long must the money be left into the account for it to grow to 2400?

Solution

Solution

Time : 11.75

Solution steps

Translate the problem into an equation:

2400 = 1500 e^{0.04 t}

Solve for

t, 2400 = 1500 e^{0.04 t} : t = 11.75

Time : 11.75

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