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If 2, 800.002, 800.00 is deposited into a savings account with continuous compounding with an annual interest rate of 2%, how long will it take for this amount to reach 11, 200.00? Round to the nearest tenth

Solución

I f 2, 800.002, 800.00​ i s d e p os i t e d in t o a s a v in g s a cco u n t w i t h co n t in u o u s co m p o u n d in g w i t h an ann u a l in t eres t r a t e o f 2%, h o w l o n g w i ll i t t ak e f or t hi s am o u n t t o re a c h 11, 200.00 ? R o u n d t o t h e n e a res t t e n t h

Time : 69.3

Pasos de solución

Translate the problem into an equation:

11200 = 2800.0028 e^{0.02 t}

Resolver para

t, 11200 = 2800.0028 e^{0.02 t} : t = 69.31466 \dots

Time : 69.31466 \dots

Round

69.31466 \dots

to the nearest tenth:

69.3

Time : 69.3