SOLUTION: Mario invest $280 at 8% interest compounded continuously. Write the exponential function to represent the situation and at what time will the total reach $1,000,000

Question 1172129: Mario invest $280 at 8% interest compounded continuously. Write the exponential function to represent the situation and at what time will the total reach $1,000,000
Found 2 solutions by Boreal, math_helper:
Answer by Boreal(15235) (Show Source): You can put this solution on YOUR website!
1000000=280^e^(rt)=280e^0.08t
3571.43=e^0.08t
don't round
ln both sides
0.08t=102.26 years
rule of 72, doubling time predicted to be 9 years
This is more than 11 doubling times

Answer by math_helper(2461) (Show Source): You can put this solution on YOUR website!

r = rate
t = time
P = Principal
F = Future value

= years

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That's a long time to wait.

If a person can put in $2,000 at the start, and then $2000 each year, they would have more than $1,000,000 after 46 years, assuming 8% return per year.

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