Carlene is saving her money to buy a $500 desk. She deposits $400 into an account with an annual interest rate of 6% compounded continuously. The equation 400e^0.06t=500 represents the situation, where t is the number of years the money needs to remain in the account. About how long must Carlene wait to have enough money to buy the desk? Use a calculator and round your answer to the nearest whole number.
Given that Carlene needs $500 for a desk, the time taken for her to purchase the desk will be found as follows; 500=400e^(0.06t) 500/400=e^(0.06t) 1.25=e^0.06t introducing natural logs; ln1.25=0.06t t=(ln1.25)/0.06 t=3.7 years the answer is 3.7 years
