Phillip invested $6000 compounded continuously at 7.5% interest. How long will it take him to reach $10,000?

Question

wolf1728 · Answer

Well you'll need to go to this page http://www.1728.org/rate2.htm and find a formula. Don't worry, I copied it and here it is:

sphott51 · Answer

Is this American's ?

wolf1728 · Answer

Years = natural log (total/principal) / rate
Years = ln (10,000 / 6,000) / 7.5
Years = 0.51082562377 / .075 (changed the percentage to a decimal)
Years = 6.811

wolf1728 · Answer

What do you mean is it American's?

wolf1728 · Answer

Any comments?
Heck, I think I solved a rather tough problem for you - and found the formula.

wolf1728 · Answer

Well, I got a medal.

sphott51 · Answer

Yeah, thanks

wolf1728 · Answer

Thank you.