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?

Answers

Answer 1

Answer:

10

Step-by-step explanation:

Answer 2

The value of the account will reach $152,800 in 10 years.

What is Compound Interest?

Compound interest is defined as the amount of interest which has been calculated on the principal amount as well as the amount accumulated over the previous period is also included.

Interest compounded continuously means there is no limit for the process of compound of interest. It is compounding infinite times.

The formula for calculating the final amount when the interest is compounded continuously is,

A = P e^(r t)

Here, A is the final amount, P is the initial or principal amount, r is the rate of interest and t is the number of years.

Given that,

A = $152,800

P = $79,000

r = 6.8% = 6.8/100 = 0.068

We have to calculate t.

152,800 = 79,000 e^(0.068 t)

152,800 / 79000 = e^(0.068 t)

1.934 = e^(0.068 t)

Taking logarithms on both sides,

㏑ 1.934 = ㏑ e^(0.068 t)

We have ㏑(a)ⁿ = n ㏑(a)

0.65968 = 0.068t ㏑ e

0.65968 = 0.068 t × 1

t = 9.7 ≈ 10 years

Hence the amount is compounded to $152,800 in 10 years.

To learn more about Compound Interest, click on the link :

https://brainly.com/question/29335425

#SPJ2


Related Questions

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Answers

Answer:

the answer is 90

Step-by-step explanation:

hope it helps

have a nice day ^_^

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It is 90 degrees.

Step-by-step explanation:

It is one fourth of 360 degrees, which is 90 degrees.

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Step-by-step explanation:

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Answers

Answer:

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Step-by-step explanation:

A square is a special shape in which all angles, sides, and diagonals are congruent to one another. Therefore, all sides and angles are congruent, the diagonals cross in the middle of the square making them perpendicular, the diagonals bisect each other in the middle, and they are supplementary because they are parallel.

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Answers

Answer:

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Step-by-step explanation:

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Answers

Answer:

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Step-by-step explanation:

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Answers

Answer:

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Step-by-step explanation:

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Answers

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Answers

Answer:

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Step-by-step explanation:

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Answers

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GIVING BRAINLIEST FOR BEST ANSWER!!!
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Answers

Answer:

Vietnam got its independence from France on 2 September 1945. during second world war, France becomes weak and cannot control Vietnam so France evacuated from Vietnam completely and Vietnam got its independence. Vietnam's political boundaries meets with China, Indonesia, Cambodia and Thailand.

Step-by-step explanation:

If m∠12 = 123° and m∠6 = 76°, find each measure.

Answers

Answer:

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Answer:

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Step-by-step explanation:

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Answers

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Step-by-step explanation:

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Answers

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Step-by-step explanation:

You distribute the 3 inside the parentheses and you could subtract the 2

Step-by-step explanation:

I hope this helps. 3j+6-2= 3j+4

Everyone will have juice in party and you have 10 liters of a juice blend (mixture of
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Answers

Answer: you added 6 liters of juice

Step-by-step explanation:

You have 10 liters of a juice blend that is 60% juice. How many liters of pure juice need to be added in order to make a blend that is 75% juice?

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Answers

Answer:

anthony froze 3 1/4 of the meatball

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Answers

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Step-by-step explanation:

Answer:

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Step-by-step explanation:

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Step-by-step explanation:

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Answers

Answer:

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Step-by-step explanation:

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Answers

(x,y) = (9/2,3/2) is final results ig
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Answers

Answer:

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..........................

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Answers

Answer:

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Step-by-step explanation:

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Answers

Answer:

6

Step-by-step explanation:

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Answers

Answer:

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Answers

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Step-by-step explanation:

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Answers

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Answers

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