Popular >

Emma invested 19,000 in an account paying an interest rate of 4.2% 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 40,000?

Solution

Emma invested 19, 000 in an account paying an interest rate of 4.2% 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 40, 000?

Solution

Time : 17.72

Solution steps

Translate the problem into an equation:

40000 = 19000 e^{0.042 t}

Solve for

t, 40000 = 19000 e^{0.042 t} : t = 17.72

Time : 17.72

Popular Examples

Between which two consecutive integers doessqrt(150)One number is 23 of another number. The sum of the two numbers is 20. Find the two numbers.largest square number that divides exactly into 4 one half the difference of the cube of a number,x,and three Jenny can jog twice as fast as she can walk. She was able to jog the first 12 miles to her grandmother house but then she tried and walked the remaining 3 miles. If the total trip took 2 hours then what was her average jogging speed