Shrinivas deposited $1300 in an account which pays 8% annual interest, compounded continuously. How long will it take to reach $3500? Select one:
O a. 12.4 years
O b. 9.2 years
O c. 176 years
O d. 1.2 years

a. 12.4 years

Step-by-step explanation:

Function to represent exponential growth continuously:

 ...(i)

, where = initial amount, r= rate of interest ( in decimal) , A = Amount after t years.

As per given , we have

To find : t

Put all values in (i) ,

Taking natural log on both sides

Hence, it would take 12.4 years.

so, the correct option is a. 12.4 years .

step-by-step explanation:

this can be solved first with pythagorean theorem, which tells us to square both legs of the triangle and sum it. this will be equal to the square of the hypotenuse.

the hypotenuse is the side "opposite" the 90 degree angle, which is x.

so we can write using pythagorean theorem,

simplifying:

to further simplify this radical, we need to use the property  

thus