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Popular Word Problems >

Elijah invested 280 in an account paying an interest rate of 2.1% 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 360?

Solution

El ijah in v es t e d 280 in an a cco u n t p a y in g an in t eres t r a t e o f 2.1% 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 t e n t h o f a 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 360 ?

Solution

Time : 11.97

Solution steps

Translate the problem into an equation:

360 = 280 e^{0.021 t}

Solve for

t, 360 = 280 e^{0.021 t} : t = 11.97

Time : 11.97

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