Kayla invested $98,000 in an account paying an interest rate of 5.5% compounded continuously. assuming no deposits or withdrawal are made, how long would it take, to the nearest year, for the value of the account to reach $129,000

you have the following data for this exercise,  initial capital C = $98,000  , the rate of interest of i = 5,5 %,  and the final amount M =  $129,000

YOU NEED CALCULATE THE TIME n

of this formula you can find n,  M = C(1+i)^n,  then log M/C = nLOG(1+i),

n = 0,11n = LOGM/C÷LOG (1+i),  n = LOG 129,000/98,000÷LOG ( 1+0,05), WHERE 925589/0,0211893 = 5,628111≅5, IT WOULD TAKE APPROXIMATELY 5 YEARS

something over 10 so ? /10

step-by-step explanation:

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