It takes 4 years to his money to grow to $11,000.
What is compound interest?
In other terms, compound interest is interest on principal + interest and refers to the addition of interest to the principal amount of a loan or deposit.
Given: Landry deposits $10,000 into an account that compounds interest continuously at a rate of 2. 375%.
We have to find how many years will it take his money to grow to $11,000.
Here, principle (P) = $10,000
rate (r) = 2.375% = 0.02375
B = $11000
Let,
[tex]t=\frac{ln(\frac{B}{P} )}{r} \\t=\frac{(\frac{11000}{10000} )}{0.02375} \\t=\frac{0.0953}{0.02375}\\t=4.0[/tex]
Hence, It takes 4 years to his money to grow to $11,000.
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