$3550 $ ⁢ 3550 is invested at 10.0% 10.0 % compounded continuously. how long will it take for the balance to reach $7100 $ ⁢ 7100 ? round your answer to two decimal places, if necessary.

6.93 years.

Step-by-step explanation:

We have been given that $3550 is invested at 10.0% compounded continuously.

To solve our given problem, we will use continuous compounding formula.

, where,

A = Final amount,

P = Principal amount,

e = Mathematical constant,

r = Interest rate in decimal form,

t = Time

Substitute the given values:

Take natural log of both sides:

Using property , we will get:

Switch sides:

Therefore, it will take approximately 6.93 years for the balance to reach $7100.

30

step-by-step explanation:

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