Tyler invested 350 in an account paying an interest rate of 4.5% 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 700?

Solution

Solution

Time : 15.4

Solution steps

Translate the problem into an equation:

700 = 350 e^{0.045 t}

Solve for

t, 700 = 350 e^{0.045 t} : t = 15.4

Time : 15.4

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