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Популярное Word Problems >

Mia invested 640 in an account paying an interest rate of 6.7% 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 940?

Решение

M ia in v es t e d 640 in an a cco u n t p a y in g an in t eres t r a t e o f 6.7% 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 940 ?

Решение

Time : 5.74

Шаги решения

Translate the problem into an equation:

940 = 640 e^{0.067 t}

Решите для

t, 940 = 640 e^{0.067 t} : t = 5.74

Time : 5.74

Популярные примеры

Twelve more than 6 times a number is 8.Three consecutive integers sum to 234. What is the least of these integers?you invest 4000 dollars in an account to save for college. It pays 4.5% annual interest compounded continuously. what would be the balance in the account after 2 years 65. An account with an initial deposit of $6,500 earns 7.25% annual interest, compounded continuously. How much will the account be worth after 20 years?Mason earned 1,000.00 from a summer job and put it in a savings account that earns 13% interest compounded monthly. When Mason started college, he had 3,094.00 in the account which he used to pay for tuition. How long was the money in the account?Round your answer to the nearest month.