Popular >

You want to buy a new car that costs 45,000. You have 34,897 in your account that has been saved already. The account earns 6% continuous interest. If you leave the account alone, how many years will it take for the money to grow to the needed amount?

Solution

You want to buy a new car that costs 45, 000. You have 34, 897 in your account that has been saved already. The account earns 6% continuous interest. If you leave the account alone, how many years will it take for the money to grow to the needed amount?

Solution

Time : 4.24

Solution steps

Translate the problem into an equation:

45000 = 34897 e^{0.06 t}

Solve for

t, 45000 = 34897 e^{0.06 t} : t = 4.24

Time : 4.24

Popular Examples

a table is on sale for 259 dollars, which is 65 percent less than the original price, what is the regular price The perimeter of a rectangular field is 308m.If the width of the field is 72m, what is its length?the product of the number and-5 a store pays 970 dollars for a furnace and marks the price up by 10 percent what is the amount of the mark up Angela deposits 5000 into an account with an APR of 2.2% for 8 years. Find the future value of the account if interest is compounded monthly. Round your answer to the nearest hundredth, if necessary.