Respuesta :

formula:  A = Pe^(rt)

A = final amount = 1,000,000

P = initial amount = 3,000

e = 2.718...

r = rate (as a decimal) = 0.11

So, 1000000 = 3000 · e ^ (0.11 x t)    

e ^ (0.11 x t) = 333.33

ln [e ^ (0.11 x t)] = ln (333.33)

⇒0.11 x t = 5.809 ⇒ t = 5.809/0.11 = 52.8 years

What is Compound Interest?

The compound interest formula is used to calculate compound interest, sometimes known as "interest on interest". A = P (1 + r/n)nt, where P is the principal balance, r is the interest rate, n is the number of times interest is compounded per time period, and t is the total number of time periods, is the formula for compound interest.

Compound interest refers to the idea that interest is added back to the principal amount so that interest can be earned on the interest that has already accumulated during the subsequent compounding period.

To learn more about Compound Interest, refer to:

https://brainly.com/question/14295570

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