The continuous compound interest formula is given by A = Pe" where A is the accumulated amount, after an initial investment of P dollars is invested for t years, at annual interest rate r, compounded continuously. Use the formula above to determine how long it will take an initial investment of $6,500 to increase by 35%, if the account earns 6.89% interest per year, compounded continuously. Round the solution to two decimal places. The account balance will increase by 35% after years.

Algebra and Trigonometry (6th Edition)
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ISBN:9780134463216
Author:Robert F. Blitzer
Publisher:Robert F. Blitzer
ChapterP: Prerequisites: Fundamental Concepts Of Algebra
Section: Chapter Questions
Problem 1MCCP: In Exercises 1-25, simplify the given expression or perform the indicated operation (and simplify,...
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The continuous compound interest formula is given by
А - Ре
where A is the accumulated amount, after an initial investment of P dollars is invested for t years, at
annual interest rate T, compounded continuously.
Use the formula above to determine how long it will take an initial investment of $6,500 to increase by
35%, if the account earns 6.89% interest per year, compounded continuously. Round the solution to two
decimal places.
The account balance will increase by 35% after
years.
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Transcribed Image Text:The continuous compound interest formula is given by А - Ре where A is the accumulated amount, after an initial investment of P dollars is invested for t years, at annual interest rate T, compounded continuously. Use the formula above to determine how long it will take an initial investment of $6,500 to increase by 35%, if the account earns 6.89% interest per year, compounded continuously. Round the solution to two decimal places. The account balance will increase by 35% after years. Question Help: Video Submit Question hp
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