Question

Suppose that $28,000 is deposited in an account and the balance increases to $31,569.91 after 2 years. How long will it take for the account to grow to $61,448.81? Assume continuous compounding.

Answer 1

Explanation:

31569.91 - 28000=3569.91

Divide that number by two and you will get how much is the increase exactly and it's 1784.955

Then just add that 31.569.91 till you get 61.448.81