SOLUTION: Aleshia has invested an initial amount of $1200 at PNC Bank earning 3.14% compounded continuously. When will the initial amount be doubled?
Thank you in advance for the help.
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Thank you in advance for the help.
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Question 859839: Aleshia has invested an initial amount of $1200 at PNC Bank earning 3.14% compounded continuously. When will the initial amount be doubled?
Thank you in advance for the help. Answer by Alan3354(69443) (Show Source):
You can put this solution on YOUR website! Aleshia has invested an initial amount of $1200 at PNC Bank earning 3.14% compounded continuously. When will the initial amount be doubled?
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FV = PV*e^rt
FV = 2*PV (the amount is not relevant)
e^rt = 2
0.0314t = ln(2)
t = ln(2)/0.0314
t =~ 22.075 years
