How long will it take for $8000 to grow to $45,300 at an interest rate of 11% if the interest is compounded continuously? Round the number of years to the nearest hundredth

Question

anonymous · Answer

I am presuming here that it is compounded annually   (as nothing is mentioned about it)

A = P (1 + R)ⁿ
HERE 
A = 45,300
P = 8000
R = 11%  = 0.11
n1 = ?????


45,300 = 8000 (1 + 0.11)ⁿ
45,300/8000 = (1.11)ⁿ
5.6625 = (1.11)ⁿ


Now    1.11^16.614 = 5.66234034

so n = 16.614 or  16.61 years

anonymous · Answer

For me the question was not very clear as nothing was mentioned about the compounding period -yearly, half-yearly or quarterly..
I hv calculated assuming that it is yearly.....