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6 November, 14:22

An initial investment of $200 is now valued at $350. The annual interest rate is 8% compounded continuously. The equation

2000007 350 represents the situation, where t is the number of years the money has been invested. About how long has the

money been invested? Use a calculator and round your answer to the nearest whole number

5 years

7 years

19 years

22 years

+1
Answers (1)
  1. 6 November, 17:10
    0
    7 years

    Step-by-step explanation:

    We expect your equation is ...

    200e^ (.08t) = 350

    Dividing by 200 and taking the natural log, we have ...

    0.08t = ln (1.75)

    t = ln (1.75) /.08 ≈ 7.0

    The money has been invested 7 years.
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