SOLUTION: find the length of time for $25000 to triple when it is invested at 8% annual interest rate, compounded continuously.

Question 451907: find the length of time for $25000 to triple when it is invested at 8% annual interest rate, compounded continuously.
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
find the length of time for $25000 to triple when it is invested at 8% annual interest rate, compounded continuously.
---
A(t) = P*e^(rt)
----
Any amount (P) will triple when e^(0.08t) = 3
---------
Take the natural log to get:
0.08t = ln(3)
t = [ln(3)]/0.08
---
t = 13.73.. years
===========================================
Cheers,
Stan H.
===========

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)

Find the time it takes for $5,400 to double when invested at an annual interest rate of... (answered by mananth)

Please help me the answer I came up with for these problems are 6.9315year. What am I... (answered by Alan3354)

Solve the given problem releated to continuous compounding interest. How long will it... (answered by Boreal)

find the time required for a $1000 investment to triple at interest rate r, compounded... (answered by mananth)