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Calculus - Compound Interest

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Recently, a certain bank offered a 10-year CD that earns 8.93% compounded continuously.

a) If $20,000 is invested in this CD, how much will it be worth in 10 years?

Ans: I used the formula A = Pe^(rt) to get the answer $48,848.92

b)How long will it take for the account to be worth $50,000?

I just need help in solving part b) thank you!

  • Calculus - Compound Interest - ,

    Just solve

    20 e^(.0893t) = 50
    e^.0893t = 2.5
    .0893t = ln(2.5)
    t = ln(2.5)/.0893 = 10.26

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