SOLUTION: Suppose $9,200 is invested in an account at an annual interest rate of 2.5% compounded continuously. How long (to the nearest tenth of a year) will it take the investment to double

Question 1116581: Suppose $9,200 is invested in an account at an annual interest rate of 2.5% compounded continuously. How long (to the nearest tenth of a year) will it take the investment to double in size?
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
Suppose $9,200 is invested in an account at an annual interest rate of 2.5% compounded continuously. How long (to the nearest tenth of a year) will it take the investment to double in size?
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A(t) = P(e^(rt))
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2*9200 = 9200*e^(0.025t)
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e^0.025t = 2
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0.025t = ln(2)
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t = ln(2)/0.025
t = 27.7 years
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Cheers,
Stan H.
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