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Bentley invested 430 in an account paying an interest rate of 2.5% 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 510?

Solution

Solution

Time : 6.83

Solution steps

Translate the problem into an equation:

510 = 430 e^{0.025 t}

Solve for

t, 510 = 430 e^{0.025 t} : t = 6.83

Time : 6.83

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