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Popular Word Problems >

Josiah invested 96,000 in an account paying an interest rate of 3.5% 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 153,400?

Solution

J os iah in v es t e d 96, 000 in an a cco u n t p a y in g an in t eres t r a t e o f 3.5% 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 153, 400 ?

Solution

Time : 13.39

Solution steps

Translate the problem into an equation:

153400 = 96000 e^{0.035 t}

Solve for

t, 153400 = 96000 e^{0.035 t} : t = 13.39

Time : 13.39

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