SOLUTION: find the length of time for $25000 to triple when it is invested at 8% annual interest rate, compounded continuously.

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Question 451907: find the length of time for $25000 to triple when it is invested at 8% annual interest rate, compounded continuously.
Answer by stanbon(75887) About Me  (Show Source):
You can put this solution on YOUR website!
find the length of time for $25000 to triple when it is invested at 8% annual interest rate, compounded continuously.
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A(t) = P*e^(rt)
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Any amount (P) will triple when e^(0.08t) = 3
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Take the natural log to get:
0.08t = ln(3)
t = [ln(3)]/0.08
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t = 13.73.. years
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Cheers,
Stan H.
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