SOLUTION: a bank account earns interest compounded continuously at a rate of 6% per year. how long would it take for the account to triple in value?

Question 491883: a bank account earns interest compounded continuously at a rate of 6% per year. how long would it take for the account to triple in value?
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
a bank account earns interest compounded continuously at a rate of 6% per year. how long would it take for the account to triple in value?
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A(t) = Ao*e^rt
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Solve e^rt = 3
e^(0.06t) = 3
0.06t = ln(3)
t = 18.31 years
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Cheers,
Stan H.
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