SOLUTION: A woman deposits $50,000 in a savings account with 4% continuously compounded interest. How many years must she wait until the balance has doubled?

SOLUTION: A woman deposits $50,000 in a savings account with 4% continuously compounded interest. How many years must she wait until the balance has doubled?

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Question 347393: A woman deposits $50,000 in a savings account with 4% continuously compounded interest. How many years must she wait until the balance has doubled?

Answer by nyc_function(2741) (Show Source): You can put this solution on YOUR website!
2 = e^.04t

LN2 = LNe^.04t = .04t

t = LN2/.04 = 17.33 yrs

NOTE: LN = natural log

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