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Jackson invested 320 in an account paying an interest rate of 3.2% 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 410?

Solution

Solution

Time : 7.74

Solution steps

Translate the problem into an equation:

410 = 320 e^{0.032 t}

Solve for

t, 410 = 320 e^{0.032 t} : t = 7.74

Time : 7.74

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