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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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:

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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65°

Answers

Answer:

The answer is x= 10.6

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:

4.9

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

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Answers

Answer:

1 meter

Step-by-step explanation:

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Answers

Answer:

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Step-by-step explanation:

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Step-by-step explanation:

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Answers

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Answer:

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Step-by-step explanation:

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Answers

Answer:

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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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Step-by-step explanation:

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Answers

Answer:

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Answers

Answer:

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Step-by-step explanation:

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Answers

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Answers

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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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Step-by-step explanation:

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Step-by-step explanation:

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Answers

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Answers

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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:

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Answers

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Step-by-step explanation:

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Answers

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Answer:

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Step-by-step explanation:

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