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Popular Word Problems >

Suppose 7500 is invested at 5% compounded continuously. Approximately how many years will it take for the amount to grow to 16,700?

Solution

S u pp ose 7500 i s in v es t e d a t 5% co m p o u n d e d co n t in u o u s l y . A pp ro x ima t e l y h o w man y ye a rs w i ll i t t ak e f or t h e am o u n t t o g ro w t o 16, 700 ?

Solution

Time : 16.01

Solution steps

Translate the problem into an equation:

16700 = 7500 e^{0.05 t}

Solve for

t, 16700 = 7500 e^{0.05 t} : t = 16.01

Time : 16.01

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