SOLUTION: Hey, I am studying for a test and I have a problem I'm stuck on. I know the solution to the problem but I'm not sure how to get there. Here's the problem: "How many years

Question 460601: Hey,
I am studying for a test and I have a problem I'm stuck on. I know the solution to the problem but I'm not sure how to get there.
Here's the problem:
"How many years would it take an amount of oney to triple if it is invested at a rate of 5% compounded continuously?"
To me that translates to A=Pe to the rt, so 3=e to the 0.05t, so ln 3=0.05t. THE SOLUTION is 20 ln 3. How does one get from ln 3 = 0.05t to 20 ln 3 = t?
I hope I explained that clearly. Thanks for your help!
Jessica
Answer by lwsshak3(11628) (Show Source): You can put this solution on YOUR website!
How does one get from ln 3 = 0.05t to 20 ln 3 = t
.05=1/20
so, ln3=.05t=(1/20)t
t=20 ln 3
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