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Popular Word Problems >

Mackenzie invested 770 in an account paying an interest rate of 6.1% 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 1,830?

Solution

M a c k e n z i e in v es t e d 770 in an a cco u n t p a y in g an in t eres t r a t e o f 6.1% 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 1, 830 ?

Solution

Time : 14.19

Solution steps

Translate the problem into an equation:

1830 = 770 e^{0.061 t}

Solve for

t, 1830 = 770 e^{0.061 t} : t = 14.19

Time : 14.19

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