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24Solving exponential growth

An account holds A=500e0.04t\displaystyle A = 500e^{0.04t} dollars after t\displaystyle t years. When does it reach 800 dollars? Give the answer to 3 decimal places.

The balance hits $800 at t ≈ 11.750 years. Dividing 800 by 500 gives e^(0.04t) = 1.6, and taking ln of both sides gives t = ln(1.6)/0.04 ≈ 11.750. Checking: 500e^(0.04·11.750) ≈ 500(1.6) = 800.

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