If $15,000 is deposited in an account paying 1.5% interest per year, compounded continuously, how long will it take for the balance to reach $20,000?

so time require is 19.01 year

Explanation:

given data

deposited = $15,000

interest per year = 1.5% = 0.015

future value = $20,000

solution

we apply here compounded continuously formula that is

future value =  principal ×   ...................1

put here value and we get

$20,000 = $15,000  ×

= 1.33

take ln both side

0.015 t = ln ( 1.33)

t = 19.0119 year

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