Popular >

Brody invested 2,800 in an account paying an interest rate of 2.7% compounded continuously. Assuming no deposits or withdrawals are made, how long would it take, to the nearest year, for the value of the account to reach 3,560?

Solution

Brody invested 2, 800 in an account paying an interest rate of 2.7% compounded continuously. Assuming no deposits or withdrawals are made, how long would it take, to the nearest year, for the value of the account to reach 3, 560?

Solution

Time : 8.89

Solution steps

Translate the problem into an equation:

3560 = 2800 e^{0.027 t}

Solve for

t, 3560 = 2800 e^{0.027 t} : t = 8.89

Time : 8.89

Popular Examples

3 more than a number The sum of two numbers is 27. Half the larger number increased by three is same as the smaller number. Find the numbers.The product of two consecutive positive even integers is 80. Find the value of the greater integer.Joan is 3 times as old as Martha, and Pia is three years younger than Martha. If the sum of all their ages 3 years ago was 63, what are their ages now?forty five is equal to twelve more than thrice a number