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Popular Word Problems >

If 2500 is invested in an account that pays interest compounded continuously, how long will it take to grow to 5000 at 3.75%?

Solution

I f 2500 i s in v es t e d in an a cco u n t t ha t p a ys in t eres t co m p o u n d e d co n t in u o u s l y, h o w l o n g w i ll i t t ak e t o g ro w t o 5000 a t 3.75% ?

Solution

Time : 18.48

Solution steps

Translate the problem into an equation:

5000 = 2500 e^{0.0375 t}

Solve for

t, 5000 = 2500 e^{0.0375 t} : t = 18.48

Time : 18.48

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