Answer:
19.2 years
Step-by-step explanation:
The formula to find the time in a compound interest that is compounded continuously is given as:
t = ln(A/P) / r
Where:
t = time in years = ??
A = Amount after Interest is compounded continuously = $100,000
P = Initial Amount in the retirement account = $10,000
r = Rate of return = 12%
First, convert R percent to r a decimal
r = R/100
r = 12%/100
r = 0.12 per year,
Then, solve our equation for t
t = ln(A/P) / r
t = ln(100,000.00/10,000.00) / 0.12
t = 19.188 years
Approximately t = 19.2 years
