SOLUTION: If $5000 is invested in an account that pays interest compounded continuously, how long will it take to grow to $11,300 at 5.5%?

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Question 297013: If $5000 is invested in an account that pays interest compounded continuously, how long will it take to grow to $11,300 at 5.5%?
Answer by stanbon(75887) About Me  (Show Source):
You can put this solution on YOUR website!
If $5000 is invested in an account that pays interest compounded continuously, how long will it take to grow to $11,300 at 5.5%?
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A(t) = Pe^(rt)
11,300 = 5000*e^(0.055t)
2.26 = e^(0.055t)
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Take the natural log to get:
0.055t = ln(2.26)
t = 14.8248...
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Cheers,
Stan H.