Olivia invested 2,400 in an account paying an interest rate of 4.6% 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 3,550?

Solución

Olivia invested 2, 400 in an account paying an interest rate of 4.6% 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 3, 550?

Solución

Time : 8.51

Pasos de solución

Translate the problem into an equation:

3550 = 2400 e^{0.046 t}

Resolver para

t, 3550 = 2400 e^{0.046 t} : t = 8.51

Time : 8.51

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