Kevin deposited 600.00 into a new savings account that earns 14% interest compounded continuously. How long will it take for the balance to grow to 1,139.00?

Solution

Kevin deposited 600.00 into a new savings account that earns 14% interest compounded continuously. How long will it take for the balance to grow to 1, 139.00?

Solution

Time : 4.58

Solution steps

Translate the problem into an equation:

1139 = 600 e^{0.14 t}

Solve for

t, 1139 = 600 e^{0.14 t} : t = 4.58

Time : 4.58

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