SOLUTION: 8000 dollars in my saving account that give me 2.6% interest compunded conituously how long will it take to double my amount?

Question 433182: 8000 dollars in my saving account that give me 2.6% interest compunded conituously how long will it take to double my amount?
Answer by Gogonati(855) (Show Source): You can put this solution on YOUR website!
Your initial investment is $8000 and the interest rate 2.6%.Since this amount was compounded continuously after t years it will double, thus, A(t)=16000 dollars
, substitute our values and write:
, divide both sides by 8000
, taking natural logarithm for both sides
, t=ln2/0.026 => t=26.65.
Answer:To double the amount will take approximately 27 years.
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