document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=135677>Question 135677</A>: <I><SPAN STYLE=\"word-break: break-all;\"> Can someone please help me with this word problem! Thanks a lot.\r<BR>\n" );
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document.write( "If $3000 is invested in an account that pays interest compounded continuously, how long will it take to grow $6000 at 7%? </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #99422 by </B><A HREF=/tutors/aboutme.mpl?userid=nycsharkman><B>nycsharkman(136)</B></A><img src=\"/images/stars/stars-09.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=nycsharkman><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=99422\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> If $3000 is invested in an account that pays interest compounded continuously, how long will it take to grow $6000 at 7%?\r<BR>\n" );
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document.write( "The formula need is:\r<BR>\n" );
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document.write( "A = Pe^rt, where A = amount, P = principal, r = rate (our percent) and t = time\r<BR>\n" );
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document.write( "A = 6000\r<BR>\n" );
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document.write( "r = 0.07\r<BR>\n" );
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document.write( "t = what we are looking for\r<BR>\n" );
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document.write( "P = 3000\r<BR>\n" );
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document.write( "We now plug and chug.\r<BR>\n" );
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document.write( "6000 = 3000e^(0.07)(t)\r<BR>\n" );
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document.write( "First divide both sides by 3000.\r<BR>\n" );
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document.write( "6000/3000 = e^(0.07)(t)\r<BR>\n" );
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document.write( "2 = e^(0.07)(t)\r<BR>\n" );
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document.write( "NEXT: Rewrite as a log.\r<BR>\n" );
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document.write( "0.07t = In2\r<BR>\n" );
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document.write( "Divide both sides by 0.07 to fnd t.\r<BR>\n" );
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document.write( "t = In2/0.07\r<BR>\n" );
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document.write( "t = 9.902102579\r<BR>\n" );
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document.write( "Round 9.902102579 to the nearest ones place and we get 10.\r<BR>\n" );
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document.write( "The answer is 10 years.\r<BR>\n" );
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document.write( " </SPAN>\n" );
document.write( "</TD></TR></TABLE>\n" );