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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use the equation A = Pe rt for interest compounded continuously
A = Pe rt
$99,000 = $45,700 e (0.124) t
e (0.124) t = $99,000 / $45,700
e (0.124) t = 2.1663
(0.124) t = ln(2.1663)
(0.124) t = 0.773
t = 6.23 years
Hence, the answer is 6.23 years rounded to the nearest hundredth.
That is not the correct answer. That answer is not a choice to choose from. 1.23, 1233.52, .68, or 12.34
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