Avery invested 21,000 in an account paying an interest rate of 3.3% 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 29,200?

Solución

Avery invested 21, 000 in an account paying an interest rate of 3.3% 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 29, 200?

Solución

Time : 9.99

Pasos de solución

Translate the problem into an equation:

29200 = 21000 e^{0.033 t}

Resolver para

t, 29200 = 21000 e^{0.033 t} : t = 9.99

Time : 9.99

Ejemplos populares

Zendaya invests money in an account paying a simple interest of 7.3% per year. If she invests 70 and no money will be added or removed from the investment, how much will she have in one year, in dollars and cents?Expression: Fifty-four less than 4 times a number is equal to the number. What is the number?Ethan and Camille deposit 800.00 into a savings account which earns 4% interest compounded annually. They want to use the money in the account to go on a trip in 2 years. How much will they be able to spend?A savings account earns a simple interest rate of 6.75% per year on an account with an initial deposit of 500. How much money will be in the account after 2 years?seven times what number is 2233