Timothy invested $2,000 in an account earning 3.5% annual interest that is compounded continuously. How long will it take the investment to grow to $3,500?

16 years

Step-by-step explanation:

The exponential function for continuous growth is given by :-

, where A = initial amount, r= rate of growth and t = time.

As per given , we have

A= $2,000, =r 3.5%=0.035 and P= $3500

put these vales in equation , we get

Taking log on both sides , we get

Hence, it will take 16 years to grow to $3,500.

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