The BOB (Bank Of Bob) offers you a savings account with an interest rate of 7.95%...

 

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The BOB (Bank Of Bob) offers you a savings account with an interest rate of 7.95% that is continuously compounded. If you deposit 295,000$, in how many years will your investment reach 1,300,000$? Note: Your answer must be written in decimal with EXACT 2 decimal places of precision. Your Answer: Answer The BOB (Bank Of Bob) offers you a savings account with an interest rate of 7.95% that is continuously compounded. If you deposit 295,000$, in how many years will your investment reach 1,300,000$? Note: Your answer must be written in decimal with EXACT 2 decimal places of precision. Your Answer: Answer

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Lets denote the number of years as t We can use the formula for continuous compo... View the full answer