Gavin invested $350 in an account paying an interest rate of 4.7% compounded continuously. Assuming no deposits or withdrawals are made, how long would it take, to the nearest tenth of a year, for the value of the account to reach $890?

Gavin will have to invest his money for 20 years to reach that sum of money.

Step-by-step explanation:

Given that Gavin invested $ 350 in an account paying an interest rate of 4.7% compounded continuously, assuming no deposits or withdrawals are made, to determine how long would it take to the nearest tenth of a year for the value of the account to reach $ 890 se you must perform the following calculation:

890 = 350 x (1 + 0.047 / 365) ^ X x 365

X = 20

Thus, Gavin will have to invest his money for 20 years to reach that sum of money.

30

step-by-step explanation:

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