How many years will it take for an investment of $4000 to grow to $24000 if the annual investment rate 4% compounded continuously
need help give answer if possible plz
It will take =527.74 years!!. This is the formula you would use to calculate it:
FV=PV[1 + R]^N
24,000=4,000[1 + .0408]^N. You would solve for N by taking the logs of both sides.
not right someone else try
It will actually take=44.79 years. Forget the answer of Guest #2. He/she used "months".
You can this formula to calculate it:
P=A. e^.04t
24,000=4,000 . e^.04t. You would take the logs of both sides and you would get t=44.79 years.
