SOLUTION: $2000 dollars was invested into the account at 3% for 5 years. How long will it take for the amount to triple if t is compounded continuously?

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Question 606693: $2000 dollars was invested into the account at 3% for 5 years. How long will it take for the amount to triple if t is compounded continuously?
Answer by ewatrrr(24785) About Me  (Show Source):
You can put this solution on YOUR website!
 

Hi,

$2000 dollars was invested into the account at 3% for 5 years. 

How long will it take for the amount to triple if t is compounded continuously?

Note:  In General: A+=+P+e+%5Ert

A = Accumulated Amount 

P= principal 

r= annual rate = .03

t= years 

 A%2FP+=%281%2Br%2Fm%29%5Emt

A/P = 3  (tripling the money)

3+=+e%5E%28.03t%29

ln%283%29%2F.03++=+t

 t = 36.6 yrs