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Popular Word Problems >

You currently have 9,200 in an account that has an interest rate of 3% per year compounded continuously. In how many years will your investment be worth 20,240? Round your answer to 1 decimal place.

Solución

Y o u c u rre n tl y ha v e 9, 200 in an a cco u n t t ha t ha s an in t eres t r a t e o f 3% p er ye a r co m p o u n d e d co n t in u o u s l y . I n h o w man y ye a rs w i ll yo u r in v es t m e n t b e w or t h 20, 240 ? R o u n d yo u r an s w er t o 1 d ec ima l pl a ce .

Solución

Time : 26.3

Pasos de solución

Translate the problem into an equation:

20240 = 9200 e^{0.03 t}

Resolver para

t, 20240 = 9200 e^{0.03 t} : t = 26.28191 \dots

Time : 26.28191 \dots

Redondear

26.28191 \dots

al más cercano a 1 posiciones decimales:

26.3

Time : 26.3

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