Gabriella invests 2,579 in a savings account with a fixed annual interest rate of 9% compounded continuously. How long will it take for the account balance to reach 6,343.32?

Solution

Gabriella invests 2, 579 in a savings account with a fixed annual interest rate of 9% compounded continuously. How long will it take for the account balance to reach 6, 343.32?

Solution

Time : 10

Solution steps

Translate the problem into an equation:

6343.32 = 2579 e^{0.09 t}

Solve for

t, 6343.32 = 2579 e^{0.09 t} : t = 10

Time : 10

Popular Examples

If three more than four times a number is twenty-one less than seven times the same number. What is the number?Find two consecutive whole numbers that sqrt(70) lies between.If 300 is invested at a rate of 5% per year and is compounded quarterly, how much will the investment be worth in 20 years?the difference of half of a number and 3 The area of a circle is 2.0096 square inches. What is the circle's diameter?