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You deposit $8,329 in an account that pays 2.12% interest, compounded continuously. How long will it take for the money to triple?
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Use the basic formula for accounts compounded continuously
3*8329 = .
In this equation t is the unknown time in years.
=
3 =
Take the natural logarithm of both sides
ln(3) = 0.0212*t
t = = 51.821.
ANSWER. In 51.821 years. Or 51 years and 300 days (51 years and 10 months).
Solved.
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To see many other similar solved problems, look into the lesson
- Problems on continuously compounded accounts
in this site, and learn the subject from there.
After reading this lesson, you will tackle such problems on your own without asking for help from outside.
Also, you have this free of charge online textbook in ALGEBRA-I in this site
- ALGEBRA-I - YOUR ONLINE TEXTBOOK.
The referred lesson is the part of this online textbook under the topic "Logarithms".
Save the link to this online textbook together with its description
Free of charge online textbook in ALGEBRA-I
https://www.algebra.com/algebra/homework/quadratic/lessons/ALGEBRA-I-YOUR-ONLINE-TEXTBOOK.lesson
to your archive and use it when it is needed.
Happy learning (!)