Jackson invested 320 in an account paying an interest rate of 3.2% compounded continuously. Assuming no deposits or withdrawals are made, how long would it take, to the nearest tenth of a year, for the value of the account to reach 410?

Soluzione

J a c k so n in v es t e d 320 in an a cco u n t p a y in g an in t eres t r a t e o f 3.2% 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 t e n t h o f a 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 410 ?

Time : 7.74

Fasi della soluzione

Translate the problem into an equation:

410 = 320 e^{0.032 t}

Risolvi per

t, 410 = 320 e^{0.032 t} : t = 7.74

Time : 7.74