Stefan invests 7,690 in a retirement account with a fixed annual interest rate of 9% compounded continuously How long will it take for the account balance to reach 38,858.26

To solve this problem, we can use the formula for continuous compounding interest: Where:- is the final amount- is the principal amount (initial investment)- is the annual interest rate (as a decimal)- is the time in years- is the base of the natural logarithmGiven:- - We need to find .First, substitute the given values into the formula: Next, solve for :1. Divide both sides by 7,690: 2. Take the natural logarithm (ln) of both sides to solve for : 3. Solve for : Using a calculator to find the natural logarithm and perform the division: Therefore, it will take approximately 18.02 years for the account balance to reach \$38,858.26.