Recently, a certain bank offered a 5-year CD that earns 2.7% compounded continuously.If 20,000 is invested in the CD, it will be worth 22,890.74 in 5 years.  How many years will it take for the account to reach $50,000? Round to 2 decimal places.

College Algebra
1st Edition
ISBN:9781938168383
Author:Jay Abramson
Publisher:Jay Abramson
Chapter9: Sequences, Probability And Counting Theory
Section9.4: Series And Their Notations
Problem 62SE: Rachael deposits $1500 into a retirement fund each year. The fund earns 8.2% annual interest,...
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Recently, a certain bank offered a 5-year CD that earns 2.7% compounded continuously.
If 20,000 is invested in the CD, it will be worth 22,890.74 in 5 years. 

How many years will it take for the account to reach $50,000? Round to 2 decimal places.

 

 

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