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Popular Word Problems >

derek invested 1500 into an account that pays 4% interest compounded continuously. How long must the money be left into the account for it to grow to 2400?

Solution

d ere k in v es t e d 1500 in t o an a cco u n t t ha t p a ys 4% in t eres t 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 m u s t t h e m o n ey b e l e f t in t o t h e a cco u n t f or i t t o g ro w t o 2400 ?

Solution

Time : 11.75

Solution steps

Translate the problem into an equation:

2400 = 1500 e^{0.04 t}

Solve for

t, 2400 = 1500 e^{0.04 t} : t = 11.75

Time : 11.75

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