Question

An investment of $10,000 is made at an annual rate of 6% compounded continuously. How long will it take for the investment to grow to $30,000?

Answer 1

Y 0.06 Given That D = Principle amount = $ 10,000 interest rate 61. = te number of years Future value $ 30,000 Compounded Continuosly Future value = Plert) 0.066 30,000 10ooo e 30,000 0.06t e 10,000 en 0.06t ene (3) = 1 en 3 = 0,oot ln 3 0.06 t= = 18.31 years. Approximately 18,3 yeart taken for investment to grow to $30,000