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?
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...
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