Answer:
8 years
Step-by-step explanation:
An initial investment of $100 is now valued at $150. The annual interest rate is 5%, compounded continuously. The equation represents the situation, where t is the number of years the money has been invested.
To find out how long has the money invested we need to find out 't'
, solve for t
divide both sides by 100
Now to remove 'e' we take ln on both sides
the value of
Now divide by 0.05 on both sides
t = 8.10930
The money is invested for 8 years
