SOLUTION: Determine the time necessary for $3000 to double if it is invested at an interest rate of 3.5% compounded continuously. Thank you.

SOLUTION: Determine the time necessary for $3000 to double if it is invested at an interest rate of 3.5% compounded continuously. Thank you.

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Question 294069: Determine the time necessary for $3000 to double if it is invested at an interest rate of 3.5% compounded continuously.
Thank you.
Answer by scott8148(6628) (Show Source): You can put this solution on YOUR website!
A = P e^(rt)

2 = e^(.035t)

ln(2) = .035t

[ln(2)] / .035 = t
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