"compounded continuously? compound interest question??? 10pts :P?

Since you said "compounded continuously" you are supposed to use an exponential equation.

1.      A₀ ⋅ e^(r ⋅ t) = $6000.00 ⋅ e^(0.1 ⋅ 12) ≈ $19920.70

Nima used the equation for compounding annually for 12 years, which is not the problem you posed.

The formula for these questions is A=P(e)^kt, where A= the final amount, or $30000 P= the principle amount, or $5000 e= is the mathematical constant (Euler's number) that is used with continous compounding k=the rate in decimals, or 0.09 t= time So since you're looking for t, just plug in all those values in your calculator and solve for t (using logarithms). Compounding contiously means that for every moment in time, you are compounding the original value. In other words, instead of compounding money, say, every month, you are essentially infinitely compounding on your original amount.

6000 * (1 + 10/100)^12 = 6000 * 1.1^12 = 18830,57.