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Gavin invested 350 in an account paying an interest rate of 4.7% 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 890?

Solution

Solution

Time : 19.86

Solution steps

Translate the problem into an equation:

890 = 350 e^{0.047 t}

Solve for

t, 890 = 350 e^{0.047 t} : t = 19.86

Time : 19.86

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