SOLUTION: You have deposited $700 in an account that pays 4.25% interest, compounded continuously. How long will it take your money to triple? I know to use {{{ Pe^rt }}}, and natural log (l

Algebra ->  Coordinate Systems and Linear Equations  -> Linear Equations and Systems Word Problems -> SOLUTION: You have deposited $700 in an account that pays 4.25% interest, compounded continuously. How long will it take your money to triple? I know to use {{{ Pe^rt }}}, and natural log (l      Log On


   

Question 1026250: You have deposited $700 in an account that pays 4.25% interest, compounded continuously. How long will it take your money to triple? I know to use +Pe%5Ert+, and natural log (ln), but i'm kind of lost after that.
Answer by josmiceli(19441) About Me  (Show Source):
You can put this solution on YOUR website!
What you have is:
+3P+=+P%2Ae%5E%28r%2At%29+
Divide both sides by +P+
+3+=+e%5E%28r%2At%29+
This shows that the amount of the
investment has no effect on the answer
+r+=+.0425+
+e%5E%28+.0425t+%29+=+3+
Take the natural log of both sides
+.0425t+=+ln%283%29+
+.0425t+=+1.0986+
+t+=+25.85+
Is this years? I think so- check on this