Popular >

Zachary invested 700 in an account paying an interest rate of 4.9% 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 1,360?

Solution

Zachary invested 700 in an account paying an interest rate of 4.9% 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 1, 360?

Solution

Time : 13.55

Solution steps

Translate the problem into an equation:

1360 = 700 e^{0.049 t}

Solve for

t, 1360 = 700 e^{0.049 t} : t = 13.55

Time : 13.55

Popular Examples

two numbers are in ratio 1:11 and their sum is 15. Find the numbers solve You invest 100 in a CD with a 6% interest rate, compounded twice a year. How much will you have in40 years?"the product of-6 and a number"After 1 year the father age will be 4 times the age of his son. After 5 years the father age will be three times the age of his son. Find the age of the father and his son one more than the difference between a number and nineteen is three