Question

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An initial investment of $200 is now valued at $350. The annual interest rate is 8% compounded contir
equation 200e0.08 - 350 represents the situation, where t is the number of years the money has been i
how long has the money been invested? Use a calculator and round your answer to the nearest whole
O 5 years
O 7 years
O 19 years
O 22 years

Answer 1

7 years

Explanation:

Your equation should read = 200 * e^(.08 t) = 350

solving for t = 6.99 yrs ~~ 7 years