Help with compounded interest
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Help with compounded interest

[From: ] [author: ] [Date: 12-02-22] [Hit: ]
ln333 1/3 =0.t=(ln333 1/3)/0.......
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?

-
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
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