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Nathan invested 75,000 in an account paying an interest rate of 6.8% 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 182,800?

Solution

Nathan invested 75, 000 in an account paying an interest rate of 6.8% 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 182, 800?

Solution

Time : 13.1

Solution steps

Translate the problem into an equation:

182800 = 75000 e^{0.068 t}

Solve for

t, 182800 = 75000 e^{0.068 t} : t = 13.1

Time : 13.1

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