Kylie invested 290 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 tenth of a year, for the value of the account to reach 390?

Solution

Solution

Time : 11.85

Solution steps

Translate the problem into an equation:

390 = 290 e^{0.025 t}

Solve for

t, 390 = 290 e^{0.025 t} : t = 11.85

Time : 11.85

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