Monday

September 22, 2014

September 22, 2014

Posted by **Amie** on Wednesday, February 29, 2012 at 3:36am.

How long, to the nearest year, will it take me to become a millionaire if I invest $3000 at 9% interest compounded continuously?

Thanks

- Math -
**Amie**, Wednesday, February 29, 2012 at 3:37amI got the wrong answer of 12 years

- Math -
**MathMate**, Wednesday, February 29, 2012 at 10:22am$3000 invested at continuous interest rate of 9% (=0.09) for 12 years yield a future value of

3000*e^(0.09*12)

=8834

If you want to be a millionaire, you'll need to wait a little longer!

3000*e^(0.09*n)=1000000

e^(0.09n)=3000/1000000=1000/3

Take natural log on both sides

0.09n=ln(1000/3)

n=ln(1000/3)/0.09=64.55

=approx. 64 years & 5 months and a half

**Answer this Question**

**Related Questions**

Algebra - Please Help. How long, to the nearest tenth of a year, will it take $...

Physics - A rock is dropped from a height of 100m. a) how long does it take to ...

math-help solve please - find out how long it takes a $2700 investment to double...

Algebra - Solve. How long will it take for the population of a certain country ...

Pre-Cal - This exercise is based on the following table, which lists interest ...

Math Help Please! - My investment in Edgewater stocks is losing half its value ...

Math - can please someone help me to solve this question: 18 MB of data are to ...

Pre-Algebra - Please help to solve to find x,y 1. y=7x-3 2. 4x+2y=8 Take the ...

algebra - how would i work out the following problems solve each formula in ...

Math Word Problem - As payment for his daughters yard work, a father agrees to ...