SOLUTION: maya has deposited $600 in an account that pays 5.64% interest, compounded continuously. How long will it take for her money to double? Thank you so much for your help!!

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Question 207168: maya has deposited $600 in an account that pays 5.64% interest, compounded continuously. How long will it take for her money to double?
Thank you so much for your help!!
Answer by jojo14344(1513) About Me  (Show Source):
You can put this solution on YOUR website!


If interest is continously compounded, then we use the formula,
F=Pe%5E%28rt%29
wheresystem%28F=Future=1200%2C+P=present=600%2C+r=rate=0.0564%2C+t=time_in_years%29

Then,
1200=600e%5E%280.0564%2At%29 ---> cross%281200%292%2Fcross%28600%29=cross%28600%29e%5E%280.0564%2At%29%2Fcross%28600%29
2=e%5E%280.0564%2At%29
ln2=0.0564%2At ---> ln2%2F0.0564=cross%280.0564%29t%2Fcross%280.0564%29
highlight%28t=12.29yrs%29, Answer or 12 yrs, 3 mos. & 14 days

Thank you,
Jojo