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Algebra

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.

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john

  1. you have the formula. Just plug in t=6

    To find how long it takes to get to a million,

    2105.22e^0.03t = 1000000
    e^.03t = 475
    .03t = ln 475 = 6.1633
    t = 205.44 years

    Looks like 3% isn't gonna cut it, especially if you include inflation.

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    Steve

  2. y=x+3
    y=4x

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    Anonymous

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