SOLUTION: Find the time it takes for $5,400 to double when invested at an annual interest rate of 6%, compounded continuously.
Algebra.Com
Question 1178184: Find the time it takes for $5,400 to double when invested at an annual interest rate of 6%, compounded continuously.
Answer by mananth(16946) (Show Source): You can put this solution on YOUR website!
Use the formula t = ln(A/P) / r
Principal = 5400
Amount =10800
rate =0.06
t = ln(10,800.00/5,400.00) / 0.06
t = 11.552 years
11 years 7 months
RELATED QUESTIONS
Find the time it takes for $7,000 to double when invested at an annual interest rate of... (answered by solver91311)
Find the time it takes for $610,000 to double when invested at an annual interest rate of (answered by greenestamps)
Find the time is takes for $6,100 to double when invested at an annual interest rate of... (answered by greenestamps)
Find the time it takes for $980,000 to double when invested at an annual interest rate of (answered by Fombitz)
Find the time it takes for $9,800 to double when invested at an annual interest rate of... (answered by mathmate)
Please help me the answer I came up with for these problems are 6.9315year. What am I... (answered by Alan3354)
find the length of time for $25000 to triple when it is invested at 8% annual interest... (answered by stanbon)
How quickly will money double if it is invested at an annual interest rate of 6%... (answered by solver91311)
The amount of money in an account with continuously compounded interest is given by the... (answered by ikleyn,MathTherapy)