Question

Carlene is saving her money to buy a $500 desk. She deposits $400 into an account with an annual interest rate of 6% compounded continuously. The equation 400e^0.06t=500
represents the situation, where t is the number of years the money needs to remain in the account. About how long must Carlene wait to have enough money to buy the desk? Use a calculator and round your answer to the nearest whole number.

Answer 1

Answer:

4 years

Step-by-step explanation:

this is correct on ed-genuity. hope this helps :)

Answer 2

We want to determine t from the equation
400e^(0.06t) = 500

Divide each side by 400.
e^(0.06t) = 1.25

Take natural log of each side.
0.06t = ln(1.25) = 0.2231
t = 3.719 yrs

Answer: 4 years (nearest whole number)