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Bella invested 8,400 in an account paying an interest rate of 1.9% 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 9,890?

Solution

Bella invested 8, 400 in an account paying an interest rate of 1.9% 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 9, 890?

Solution

Time : 8.59

Solution steps

Translate the problem into an equation:

9890 = 8400 e^{0.019 t}

Solve for

t, 9890 = 8400 e^{0.019 t} : t = 8.59

Time : 8.59

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