Finance question for math

Mathematics
Tutor: None Selected Time limit: 1 Day

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.

Jul 21st, 2015

Thank you for the opportunity to help you with your question!

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

Please let me know if you need any clarification. I'm always happy to answer your questions.
Jul 21st, 2015

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

Jul 21st, 2015

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