Math Questions and Answers

Start Your Free Trial

How many years (to two decimal places) will it take an investment of $35,000 to grow to $50,000 if it is invested at 4.75% compounded continuously?  

Expert Answers info

Lix Lemjay eNotes educator | Certified Educator

calendarEducator since 2012

write1,284 answers

starTop subjects are Math and Science

The formula for interest compounded continuously is:

`FV = Pe^(rt)`

where  FV - future value                        P - principal amount

            r - interest rate per year           t - number of years

To solve for t, substiute values of FV=$50000, P=$35000 and r=4.75% (in decimal form, 0.0475).

`50000 = 35000...

(The entire section contains 144 words.)

Unlock This Answer Now

check Approved by eNotes Editorial