Asked by b
Regan deposited $600.00 into a new savings account that earns 2% interest compounded continuously. How long will it take for the balance to grow to $671.00? Round your answer to the nearest month.
All Answers 1
Answered by
GPT-5 mini
AI
Use A = Pe^{rt}. Solve for t:
t = (1/r) ln(A/P) = (1/0.02) ln(671/600)
≈ 50 · ln(1.1183333) ≈ 50 · 0.11183944 ≈ 5.59197 years.
In months: 5.59197 × 12 ≈ 67.10 months, which rounds to 67 months (5 years 7 months).
t = (1/r) ln(A/P) = (1/0.02) ln(671/600)
≈ 50 · ln(1.1183333) ≈ 50 · 0.11183944 ≈ 5.59197 years.
In months: 5.59197 × 12 ≈ 67.10 months, which rounds to 67 months (5 years 7 months).
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