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.
use the equation A = Pe rt for interest compounded continuouslyA = Pe rt$45,700 = $9,900 e (0.124) te (0.124) t = $45,700 / $9,900 e (0.124) t = 4.616(0.124) t = ln(4.616)(0.124) t = 1.530t = 12.34 yearsThe answer is 12.34 years.
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