Mia invested 640 in an account paying an interest rate of 6.7% 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 940?

Solución

Solución

Time : 5.74

Pasos de solución

Translate the problem into an equation:

940 = 640 e^{0.067 t}

Resolver para

t, 940 = 640 e^{0.067 t} : t = 5.74

Time : 5.74

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