christaannrocks christaannrocks

22-02-2017
Mathematics

Answered

Mary deposited $350 in a bank account that promises 2.8 percent interest compounded continuously. Approximately how many years will it take to reach a balance of $500?

Verified Answer :

RachelRD RachelRD

22-02-2017

Intrest=principalratetime
500-350=150<---final interest
150=3502.8time
150=980*time
time=approx. 0.15years or 54.75 days

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