SOLUTION: Richey Loaner inherited $2105.22 from a not-so-rich uncle. If Richie deposits his money into an account that pays 3% compounded continuously for t years, then the function A(t)=210
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Question 1140120: Richey Loaner inherited $2105.22 from a not-so-rich uncle. If Richie deposits his money into an account that pays 3% compounded continuously for t years, then the function A(t)=2105.22e^0.03t gives the account balance after t years.
a. Find Richie's account balance 6 years from now.
b. Show all the work to algebraically find the number of years it will take for Richie to become a millionaire (1,000,000)? Show all steps to solve algebraically. Answer by Boreal(15235) (Show Source):
You can put this solution on YOUR website! at 6 years, 2105.22*e^(0.18)=$2520.41
1000000=2105.22 e^0.03t
divide both sides by 2105.22
=475.01=e^0.03t
ln both sides
6.16 round at end =0.03t
divide by 0.03
205.44 years
