homeworker273 homeworker273

09-03-2021
Mathematics

contestada

jennifer deposited $2500 in her savings account. her account compounds interest continuously at a rate of 6.5%. How long will it take the amount in the account to be $3000

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clarch19 clarch19

09-03-2021

Answer:

2.8 years

Step-by-step explanation:

continuous compounding formula:

A = Pe^rt

3000 = 2500e^.065t

ln(6/5) ÷ .065 ≈ 2.8 years

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