SOLUTION: If you invest a sum of money in an account earning 16% annual interest compounded continuously. How long will it take for your money to double? Round to the nearest tenth

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Question 1028865: If you invest a sum of money in an account earning 16% annual interest compounded continuously. How long will it take for your money to double? Round to the nearest tenth
Answer by robertb(5830) About Me  (Show Source):
You can put this solution on YOUR website!
The formula for the amount of a principal after t years given continuous compounding is
A+=+Pe%5E%28rt%29
==> 2P++=Pe%5E%280.16t%29
==> 2+=+e%5E%280.16t%29
==> t+=+ln2%2F0.16++=4.3 years.