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?
Answers
Answer:
15.4 I did this on delta math
It would take approximately 15.4 years, to the nearest tenth of a year, for the value of the account to reach $700 with continuous compounding.
How to calculate compounding time?The formula for calculating the future value (FV) of an investment with continuous compounding is:
[tex]FV = Pe^{rt}[/tex]
Where P is the initial principal, r is the annual interest rate (expressed as a decimal), t is the time period (in years), and e is the mathematical constant e (approximately 2.71828).
In this case, we have P = $350, r = 4.5% = 0.045, and we want to find the time t when the FV is $700. Substituting these values into the formula, we get:
[tex]700 = 350e^{0.045t}[/tex]
Dividing both sides by $350, we get:
[tex]2 = e^{0.045t}[/tex]
Taking the natural logarithm of both sides, we get:
[tex]ln(2) = ln\times e^{0.045t}[/tex]
Using the properties of logarithms, we can simplify this to:
ln(2) = 0.045t ln(e)
Since ln(e) = 1, we can simplify further to:
ln(2) = 0.045t
Finally, solving for t, we get:
t = ln(2) / 0.045 ≈ 15.4
Therefore, it would take approximately 15.4 years, to the nearest tenth of a year, for the value of the account to reach $700 with continuous compounding.
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