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27-07-2021
Mathematics

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find the amount of time to the nearest day it would take a deposit of $2500 to grow to $1 million at 2% compounded continuously. find how many days & years

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wolf1728 wolf1728

27-07-2021

Answer:

Years = natural log (Total / Principal) / Rate

Years = natural log (1,000,000 / 2,500) / .02

Years = natural log (400) / .02

Years = 5.9914645471 / .02

It would take 299.573227355 Years

Source: http://www.1728.org/rate2.htm

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