Answer:
Step-by-step explanation:
Continuous compounding has the form
[tex]A=Pe^{rt}\\ \\ t=\frac{ln\frac{A}{P}}{r}\\ \\ t=\frac{ln\frac{7440}{5900}}{0.02}\\ \\ t\approx 11.6\\ \\ t=12[/tex]
Therefore it will take 12 years for the value of the account to reach $7,440.
Compound interest (or compounding interest) is the interest on a loan or deposit calculated based on both the initial principal and the accumulated interest from previous periods.
Annabelle invested amount $5900
Final Amount $7440
Rate = 2% compounded continuously
When compounded Continuously ,
[tex]\rm A = P e^{rt}\\\\\\t=\dfrac{ln \frac{A}{P}}{r}\\\\\\\\t=\dfrac{ln \frac{7440}{5900}}{0.02}\\\\t= 12[/tex]
it will take 12 years for the value of the account to reach $7,440.
To know more about Compound Interest
https://brainly.com/question/14295570
#SPJ2
