Popular >

Ariana invested 90,000 in an account paying an interest rate of 1.5% 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 113,000?

Solution

Ariana invested 90, 000 in an account paying an interest rate of 1.5% 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 113, 000?

Solution

Time : 15.17

Solution steps

Translate the problem into an equation:

113000 = 90000 e^{0.015 t}

Solve for

t, 113000 = 90000 e^{0.015 t} : t = 15.17

Time : 15.17

Popular Examples

number g increased by 10 the price of an item has been reduced by 55% the original price was 40 what is the price of the item Pete and Adriana deposit 6,000.00 into a savings account which earns 11% interest compounded annually. They want to use the money in the account to go on a trip in 2 years. How much will they be able to spend?If 396 is invested at an interest rate of 13% per year and is compounded continuously, how much will the investment be worth in 3 years?one less than the product of four and a number