SOLUTION: If 12,000 is invested at an interest rate of 18 % per year compounded continuously, how long will it take for the money to double? Help, they threw me a curve ball with this one

SOLUTION: If 12,000 is invested at an interest rate of 18 % per year compounded continuously, how long will it take for the money to double? Help, they threw me a curve ball with this one

Algebra.Com

Question 220944: If 12,000 is invested at an interest rate of 18 % per year compounded continuously, how long will it take for the money to double?
Help, they threw me a curve ball with this one.
Answer by rfer(16322) (Show Source): You can put this solution on YOUR website!
that is a tough one.
I played around a little and came up with 3.855 yrs
A=12000(2.7183)^.18*3.855
A=12000(2.00151549)
A=24018.19
not exact science, but close.
RELATED QUESTIONS
How long will it take money to double if it is invested at an interest rate of 6.5%... (answered by solver91311)

I have a problem setting up the equation for these 2 word problems. Any help would be... (answered by vleith)

If $7000 is invested at an interest rate of 6.5% per year, compounded monthly, how long... (answered by Alan3354)

Please help me When interest is compounded continuously, the balance in an account after (answered by stanbon,jim_thompson5910)

How long will it take for an investment of $1000 to double in value if the interest rate... (answered by robertb)

How long it will take for an investment of 2000 dollars to double in value if the... (answered by stanbon)

How long it will take for an investment of 2000 dollars to double in value if the... (answered by graphmatics,MathTherapy)

Solve the given problem releated to continuous compounding interest. How long will it... (answered by Boreal)

If 5000 dollars is invested in a bank account at an interest rate of 4 per cent per... (answered by stanbon,solver91311)