Aubree invested 16,000 in an account paying an interest rate of 5.6% 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 45,600?

Soluzione

A u b ree in v es t e d 16, 000 in an a cco u n t p a y in g an in t eres t r a t e o f 5.6% 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 45, 600 ?

Time : 18.7

Fasi della soluzione

Translate the problem into an equation:

45600 = 16000 e^{0.056 t}

Risolvi per

t, 45600 = 16000 e^{0.056 t} : t = 18.7

Time : 18.7