Question

Joe Smith invest his inheritance of $50,000 in an account paying 6.5% interest. If interest is compounded continuously, how long will it take for the account to be $200,000?

Answer 1

After 22,0134 years or
22 years and 5 days

Explanation:

`200000=50000*(1+(6.5/100))^t`
`4=1,065^t`
`log4=log1.065^t`

`0.60295999=0.02734961*t`

`t=0.60295999/0.02734961`

`t=22.013478` years or

`t = 22` years and `5` days