Mathematics: Andrew deposited $500 in a savings account that offers an interest rate of 6.5%, compounded continuously. andrew s initial deposit will grow to $543 in months.

13 cup i hope this helpStep-by-step explanation:...

Andrew deposited $500 in a savings account that

MathChic68

11.03.2022

The answer is 15 months.

Step-by-step explanation:

p = $500

r = 6.5% or 0.065

A = $543

t = ?

The formula to be used here is :

A=pe^rt

t=(log(A/p)/log(e))/r

Putting the values in formula we get:

t=(log(543/500)/log(e))/0.065

t=(log(1.086)/log(e))/0.065

This gives t = 1.3 years

In months it will be 1 year(12 months) + 3 months = 15 months.

Hence, the answer is 15 months.

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