document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=478109>Question 478109</A>: <I><SPAN STYLE=\"word-break: break-all;\"> If $ 2500 is invested in an account that pays interest compounded continuously, how long will it take to grow to $ 5000 at 3%? Round to the nearest tenth.  </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #327599 by </B><A HREF=/tutors/aboutme.mpl?userid=lwsshak3><B>lwsshak3(11628)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=lwsshak3><IMG SRC=http://www.algebra.com/images/aboutme-small.gif BORDER=0 alt=\"About Me\" VALIGN=MIDDLE></A>&nbsp;<IMG SRC=http://www.algebra.com/images/nopicture.jpg><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=327599\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> If $ 2500 is invested in an account that pays interest compounded continuously, how long will it take to grow to $ 5000 at 3%? Round to the nearest tenth.<BR>\n" );
document.write( "**<BR>\n" );
document.write( "Compound interest formula for interest compounded continuously:<BR>\n" );
document.write( "A=Pe^rt, P=initial investment, r=annual interest rate, A=amount after t years<BR>\n" );
document.write( "For given problem:<BR>\n" );
document.write( "5000=2500e^.03t<BR>\n" );
document.write( "e^.03t=5000/2500=2<BR>\n" );
document.write( "take log of both sides<BR>\n" );
document.write( ".03t lne=ln2<BR>\n" );
document.write( ".03t*1=ln2<BR>\n" );
document.write( "t=ln2/.03=23.1 years </SPAN>\n" );
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