SOLUTION: Aleshia has invested an initial amount of $1200 at PNC Bank earning 3.14% compounded continuously. When will the initial amount be doubled? Thank you in advance for the help.

Question 859839: Aleshia has invested an initial amount of $1200 at PNC Bank earning 3.14% compounded continuously. When will the initial amount be doubled?
Thank you in advance for the help.
Answer by Alan3354(69443) (Show Source): You can put this solution on YOUR website!
Aleshia has invested an initial amount of $1200 at PNC Bank earning 3.14% compounded continuously. When will the initial amount be doubled?
------------
FV = PV*e^rt
FV = 2*PV (the amount is not relevant)
e^rt = 2

0.0314t = ln(2)
t = ln(2)/0.0314
t =~ 22.075 years

RELATED QUESTIONS
ANYONE PLEASE HELP ME SOLVE THIS PROBLEM: The amount A in an account after t years from... (answered by stanbon,funmath)

THE AMOUNT A IN AN ACCOUNT AFTER t YEARS FROM AN INITIAL PRINCILE P INVESTED AT AN ANNUAL (answered by funmath)

The amount A in an account after t years from an initial principle P invested at an... (answered by stanbon)

Greetings, My question is: The amount A in an account after t years from an initial... (answered by stanbon)

The amount of A in an account after t years from an initial principle P invested at an... (answered by Nate)

Suppose that $1300 is invested at an interest rate of 4.5% per year, compounded... (answered by lwsshak3)

Suppose an investment account is opened with an initial deposit of $10500 earning 6.25%... (answered by greenestamps)

An initial amount of $1300 is invested in an account at an interest rate of 4% per year... (answered by stanbon)

The amount A in an account after t years of an initial principle P invested at an annual... (answered by stanbon)