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Popular Word Problems >

Sophia invested 79,000 in an account paying an interest rate of 6.8% compounded continuously. Assuming no deposits or withdrawals are made, how long would it take, to the nearest year, for the value of the account to reach 152,800?

Solución

S o p hia in v es t e d 79, 000 in an a cco u n t p a y in g an in t eres t r a t e o f 6.8% co m p o u n d e d co n t in u o u s l y . A ss u min g n o d e p os i t s or w i t h d r a w a l s a re ma d e, h o w l o n g w o u l d i t t ak e, t o t h e n e a res t ye a r, f or t h e v a l u e o f t h e a cco u n t t o re a c h 152, 800 ?

Solución

Time : 9.7

Pasos de solución

Translate the problem into an equation:

152800 = 79000 e^{0.068 t}

Resolver para

t, 152800 = 79000 e^{0.068 t} : t = 9.7

Time : 9.7

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