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Popular Word Problems >

Gabriella invests 2,579 in a savings account with a fixed annual interest rate of 9% compounded continuously. How long will it take for the account balance to reach 6,343.32?

Solution

G ab r i e ll a in v es t s 2, 579 in a s a v in g s a cco u n t w i t h a f i x e d ann u a l in t eres t r a t e o f 9% co m p o u n d e d co n t in u o u s l y . Ho w l o n g w i ll i t t ak e f or t h e a cco u n t ba l an ce t o re a c h 6, 343.32 ?

Solution

Time : 10

Solution steps

Translate the problem into an equation:

6343.32 = 2579 e^{0.09 t}

Solve for

t, 6343.32 = 2579 e^{0.09 t} : t = 10

Time : 10

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