SOLUTION: Suppose $5,000 is invested in an account at an annual interest rate of 2.2% compounded continuously. How long (to the nearest tenth of a year) will it take the investment to double

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Question 1023393: Suppose $5,000 is invested in an account at an annual interest rate of 2.2% compounded continuously. How long (to the nearest tenth of a year) will it take the investment to double in
size?
Answer by fractalier(6550) About Me  (Show Source):
You can put this solution on YOUR website!
For continuously compounded interest, we have the equation
A%28t%29+=+A%5B0%5De%5E%28rt%29
so we plug in to find t...
10000+=+5000e%5E%28.022t%29
2+=+e%5E%28.022t%29
ln%282%29+=+.022t
t+=+ln%282%29%2F.022 and
t = 31.5 years