SOLUTION: $3250 is invested at 5.0% compounded continuously. How long will it take for the balance to reach $6500?

Question 1204921: $3250 is invested at 5.0% compounded continuously. How long will it take for the balance to reach $6500?
Found 2 solutions by Alan3354, mananth:
Answer by Alan3354(69443) (Show Source): You can put this solution on YOUR website!
$3250 is invested at 5.0% compounded continuously. How long will it take for the balance to reach $6500?
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6500 = 3250*e^(.05t)
e^(.05t) = 2
.05t = ln(2)
t = ln(2)/.05 =~ 13.86 years --- (if it's 5% per year)
Answer by mananth(16946) (Show Source): You can put this solution on YOUR website!
A=P*e ^rt
A is the future value = 6500
P is the principal =3250
r the interest rate =5%
time t years = ?
We need to find t
6500= 3250 *e^(0.05*t)
6500/3250 = e^(0.05t)
2=e^(0.05t)
ln 2= 0.05 t
t= ln 2/0.05
you work out and round it off as required

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