So I think I have got these down I just really want to double check the answers to these two word questions. Thanks
How long will it take for $9500 to grow to $36,300 at an interest rate of 12.4% if the interest is compounded continuously? Round the number of years to the nearest hundredth.
How long must $4000 be in a bank at 6% compounded annually to become $6757.92? (Round to the nearest year.)
3 answers
What did you get?
10.81 yrs for the first question
9 yrs for the second
9 yrs for the second
Both answers are correct. Good work!
1 answer