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Tyron is saving up money for a down payment on a motorcycle. He currently has $2979, but knows he can get a loan at a lower interest rate if he can put down $3830. If he invests the $2979 in an account that earns 3.8% annually, compounded continuously, how long will it take Tyrion to accumulate the $3830

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Answer:

6.6 Years

Explanation:

Number of years = [tex]\frac{In(\frac{FV}{PV}) }{r}[/tex]

FV = future value

PV = present value

r = interest rate

[tex]\frac{In(\frac{3830}{2979}) }{0.038}[/tex] = 6.6 years

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