Asked by NoName
Alfred is saving up money for a down payment on a house. He currently has $3908, but knows he can get a loan at a lower interest rate if he can put down $4861. If he invests the $3908 in an account that earns 4.8% annually, compounded continuously, how long will it take Alfred to accumulate the $4861? Round your answer to two decimal places, if necessary.
Answers
Answered by
oobleck
3908*e^.048t = 4861
t = 4.55 years
t = 4.55 years
There are no AI answers yet. The ability to request AI answers is coming soon!
Submit Your Answer
We prioritize human answers over AI answers.
If you are human, and you can answer this question, please submit your answer.