Answer:
It'll take 7.5967 years to have $300 on that account.
Step-by-step explanation:
This problem involves a compounded interest compounded continuously, so in order to solve it we must use the formula for those cases as shown below:
M = C*e^(i*t)
Where M is the final value, C is the initial capital, i is the interest rate and t is the total time. We have:
300 = 250*e^(0.024*t)
e^(0.024*t) = 300/250
e^(0.024*t) = 1.2
0.024*t = ln(1.2)
t = ln(1.2)/0.024 = 7.5967
It'll take 7.5967 years to have $300 on that account.
