Elijah invested 280 in an account paying an interest rate of 2.1% 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 360?

Solution

Solution

Time : 11.97

Solution steps

Translate the problem into an equation:

360 = 280 e^{0.021 t}

Solve for

t, 360 = 280 e^{0.021 t} : t = 11.97

Time : 11.97

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