SOLUTION: If a bank pays 4.4% interest compounded continuously, how long does it take to triple the original amount? Here's what I tried: y = a(1 + r)^t 3a = a(1 = 4.4) ^ t. I solved f

Question 306024: If a bank pays 4.4% interest compounded continuously, how long does it take to triple the original amount?
Here's what I tried:
y = a(1 + r)^t
3a = a(1 = 4.4) ^ t.
I solved for t by first dividing by a, then using the property of equality for logarithms and came up with .65142 but I don't understand the answer. If t represents the time period, what is it? 65% of one year??
Or did I work it wrong?
Thank you!
Answer by themathtutor2009(81) (Show Source): You can put this solution on YOUR website!
A=P*e^(rt)

3P=P*e^(rt)

3=e^(rt)

3=e^(0.044t)

ln(3)=0.044t

ln(3)/0.044=t

t=ln(3)/0.044

t=24.9684611

Takes about 25 years

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