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Popular Word Problems >

Avery invested 21,000 in an account paying an interest rate of 3.3% 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 29,200?

Solution

A v ery in v es t e d 21, 000 in an a cco u n t p a y in g an in t eres t r a t e o f 3.3% 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 29, 200 ?

Solution

Time : 9.99

Solution steps

Translate the problem into an equation:

29200 = 21000 e^{0.033 t}

Solve for

t, 29200 = 21000 e^{0.033 t} : t = 9.99

Time : 9.99

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