Aubree invested 16,000 in an account paying an interest rate of 5.6% 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 45,600?

Solución

Aubree invested 16, 000 in an account paying an interest rate of 5.6% 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 45, 600?

Solución

Time : 18.7

Pasos de solución

Translate the problem into an equation:

45600 = 16000 e^{0.056 t}

Resolver para

t, 45600 = 16000 e^{0.056 t} : t = 18.7

Time : 18.7

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