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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I am assuming that there was a mistake in the question and that question is like this

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

If my interpretation is wrong please do tell me and I shall correct my answer

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Principal, P = $45,700

Amount, A = $99,000

Rate of interest, r = 12.4% = 12.4/100 = 0.124

Time, t = ?

The compound interest formula for continuous compounding is

Substitute the values of A, P and r into the equation

ANSWER: Time, t = 6.23 years

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