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6 November, 15:04

Makayla invested $630 in an account paying an interest rate of 5.5% compounded continuously. Assuming no deposits or withdrawals are made, how long would it take, to the nearest year, for the value of the account to reach $1,860?

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  1. 6 November, 17:48
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    19.7 or 20 rounded

    Step-by-step explanation:

    A = $ 1,861.65

    A = P + I where

    P (principal) = $ 630.00

    I (interest) = $ 1,231.65

    Continuous Compounding Formulas (n → ∞)

    Calculate Accrued Amount (Principal + Interest)

    A = Pe^rt

    Calculate Principal Amount, solve for P

    P = A / e^rt

    Calculate rate of interest in decimal, solve for r

    r = ln (A/P) / t

    Calculate rate of interest in percent

    R = r * 100

    Calculate time, solve for t

    t = ln (A/P) / r
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