For Accounts Where Interest Is Compounded Continuously, the Amount a Accumulated

question 33

Multiple Choice

For accounts where interest is compounded continuously, the amount A accumulated or due depends on the principal p, interest rate r and the time t in years according to the formula A = pe^rt. Find t given A = $9023, p = $3500, and r = 5%. Round your answer to the nearest tenth.

• A) 18.7 years
• B) 18.8 years
• C) 18.9 years
• D) 19.0 years

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