If $27,800 is invested in an account that earns interest at an annual rate of 2.8%, compounded continuously, how long will it take for the account to reach $120,000? (Round your answer to the nearest year.) It will take 53 Y years
If $27,800 is invested in an account that earns interest at an annual rate of 2.8%, compounded continuously, how long will it take for the account to reach $120,000? (Round your answer to the nearest year.) It will take 53 Y years
Chapter5: The Time Value Of Money
Section: Chapter Questions
Problem 25P
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![If $27,800 is invested in an account that earns interest at an annual rate of 2.8%, compounded continuously, how long will it take for the account to reach $120,000? (Round your answer to the nearest year.)
It will take 53
X years.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F394b0fb6-966e-445c-9e31-87755310a1e3%2F2f13744a-41c5-4c51-b4fa-a560dd536811%2F7sgd7xy_processed.png&w=3840&q=75)
Transcribed Image Text:If $27,800 is invested in an account that earns interest at an annual rate of 2.8%, compounded continuously, how long will it take for the account to reach $120,000? (Round your answer to the nearest year.)
It will take 53
X years.
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