Write the word or phrase that best completes each statement or answers the question.
-How long will it take for $\$ 1600$ to grow to $\$ 24,300$ at an interest rate of $4.4 \%$ if the interest is compounded continuously? Round the number of years to the nearest hundredth.
A) $6182.89 \mathrm { yr }$
B) $1.89 \mathrm { yr }$
C) $6.18 \mathrm { yr }$
D) $61.83 \mathrm { yr }$

Question

Quizplus · Accepted Answer

Using the formula for continuous compounding, $A = Pe^{rt}$, solve for $t$: $24300 = 1600e^{0.044t}$. Solving gives $t \approx 61.83$ years.

Write the Word or Phrase That Best Completes Each Statement $1600\$ 1600$1600

Write the Word or Phrase That Best Completes Each Statement $\$ 1600$