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


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