SOLUTION: This problem is a story problem using the formula listed below. When interest is compounded continuously, the balance in an account after t years is given by "A=Pe^rt" Wher

Question 236394: This problem is a story problem using the formula listed below.
When interest is compounded continuously, the balance in an account after t years is given by "A=Pe^rt"
Where P is the initial investment and r is the interest rate.
Maya has deposited $600.00 in an account that pays 5.64% interest, compounded continuously. How long will it take for her money to double.
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
Maya has deposited $600.00 in an account that pays 5.64% interest, compounded continuously. How long will it take for her money to double.
1200 = 600e^(0.0564t)
e^(0.0564t) = 2
Take the natural log to get:
0.0564t = ln(2)
t = [ln(2)]/0.0564
t = 12.29 years
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Cheers,
Stan H.
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