Question

John invests $5625 into a savings account with a fixed annual interest rate of 7% compounded continuously. How many years will it take for the account to reach $37233.95? Round to the nearest whole number.

Answer 1

Explanation:

use the formula A=P(1+r)^t

37233.95=56259(1+.07)^t

37233.95=60197.13^t