I'm not sure how to do this problem:
How long, to the nearest year, will it take me to become a millionaire if I invest $3000 at 10% interest compounded continuously?
Help please?
How long, to the nearest year, will it take me to become a millionaire if I invest $3000 at 10% interest compounded continuously?
Help please?
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A = pe^(rt)
1,000,000 = 3000e^(0.1t)
333 1/3 = e^(0.1t)
ln333 1/3 =0.1t
t=(ln333 1/3)/0.1
t=58 years
1,000,000 = 3000e^(0.1t)
333 1/3 = e^(0.1t)
ln333 1/3 =0.1t
t=(ln333 1/3)/0.1
t=58 years