SOLUTION: How long will it take to triple a savings of $5000.00 at 2.5% annual interest compounded continuously

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Question 610123: How long will it take to triple a savings of $5000.00 at 2.5% annual interest compounded continuously
Answer by ewatrrr(24785) About Me  (Show Source):
You can put this solution on YOUR website!
 

Hi, 

In General for Cases where Interest compounds Contiuosly A+=+Pe%5Ert

A = Accumulated Amount $15000

P= principal = $5000

r= annual rate = .025

t= years = 

15000+=+5000e%5E%28.025t%29

3+=+e%5E%28.025t%29

 ln3/.025 = t = 43.9 yrs