Adrian invested 790 in an account paying an interest rate of 6.9% 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 2,550?

Soluzione

A d r ian in v es t e d 790 in an a cco u n t p a y in g an in t eres t r a t e o f 6.9% co m p o u n d e d co n t in u o u s l y . A ss u min g n o d e p os i t s or w i t h d r a w a l s a re ma d e, h o w l o n g w o u l d i t t ak e, t o t h e n e a res t ye a r, f or t h e v a l u e o f t h e a cco u n t t o re a c h 2, 550 ?

Time : 16.98

Fasi della soluzione

Translate the problem into an equation:

2550 = 790 e^{0.069 t}

Risolvi per

t, 2550 = 790 e^{0.069 t} : t = 16.98

Time : 16.98