Sophia invested $79,000 in an account paying an interest rate of 6.8% 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 $152,800?

Respuesta :

Answer:

10

Step-by-step explanation:

Answer:

A=Pe^{rt}

A=Pe

rt

A=152800\hspace{35px}P=79000\hspace{35px}r=0.068

A=152800P=79000r=0.068

Given values

152800=

152800=

\,\,79000e^{0.068t}

79000e

0.068t

Plug in

\frac{152800}{79000}=

79000

152800

=

\,\,\frac{79000e^{0.068t}}{79000}

79000

79000e

0.068t

Divide by 79000

1.9341772=

1.9341772=

\,\,e^{0.068t}

e

0.068t

\ln\left(1.9341772\right)=

ln(1.9341772)=

\,\,\ln\left(e^{0.068t}\right)

ln(e

0.068t

)

Take the natural log of both sides

\ln\left(1.9341772\right)=

ln(1.9341772)=

\,\,0.068t

0.068t

ln cancels the e

\frac{\ln\left(1.9341772\right)}{0.068}=

0.068

ln(1.9341772)

=

\,\,\frac{0.068t}{0.068}

0.068

0.068t

Divide by 0.068

9.7012062=

9.7012062=

\,\,t

t

t\approx

t≈

\,\,10

10

Round to the nearest year

Your Solution:

10

Step-by-step explanation: