SOLUTION: Suppose $7,100 is invested in an account at an annual interest rate of 3.4% compounded continuously. How long (to the nearest tenth of a year) will it take the investment to doubl

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Question 1040497: Suppose $7,100 is invested in an account at an annual interest rate of 3.4% compounded
continuously. How long (to the nearest tenth of a year) will it take the investment to double in size?
Answer by stanbon(75887) About Me  (Show Source):
You can put this solution on YOUR website!
Suppose $7,100 is invested in an account at an annual interest rate of 3.4% compounded continuously. How long (to the nearest tenth of a year) will it take the investment to double in size?
A(t) = P*e^(r*t)
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Solve e^(r*t) = 2
e^(0.034t) = 2
0.034t = ln(2)
t = ln(2)/(0.034)
t = 20.4 years
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Cheers,
Stan H.
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