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July 23, 2014

July 23, 2014

Posted by **allison** on Sunday, May 1, 2011 at 8:16pm.

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.)

- math -
**MathMate**, Sunday, May 1, 2011 at 8:18pmWhat did you get?

- math -
**allison**, Sunday, May 1, 2011 at 8:53pm10.81 yrs for the first question

9 yrs for the second

- math -
**MathMate**, Sunday, May 1, 2011 at 9:49pmBoth answers are correct. Good work!

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