Mario invested 280 at 8% interest compounded continuously. Write the exponential function to represent the situation and at what time will the total reach 1,000,000?

Solution

Mario invested 280 at 8% interest compounded continuously. Write the exponential function to represent the situation and at what time will the total reach 1, 000, 000?

Solution

Time : 102.26

Solution steps

Translate the problem into an equation:

1000000 = 280 e^{0.08 t}

Solve for

t, 1000000 = 280 e^{0.08 t} : t = 102.26

Time : 102.26

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