How long will it take for $99,000 to grow to $45,700 at an interest rate of 12.4% if the interest compounded continuously? Round the number of years to the nearest hundredth.

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A=45700

r=12.4%

p=99,000

t=?

I=prt/100

where A=amount

p=principle

t=time

amount=principle +interest

(99000 x 0.124 x t)+99000=45700

12276t=45700-99000

12276t=-53300

t=4.342years

4.34 years

That answer that you came up with is not an option in the answers. Your choices are 1.23, 1233.52, .68, or 12.34

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