SOLUTION: How long does it take an investment of R10 000 to double if it is invested at 8%, compounded continuously?

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Question 1094073: How long does it take an investment of R10 000 to double if it is invested at 8%, compounded continuously?
Answer by jorel1380(3719) About Me  (Show Source):
You can put this solution on YOUR website!
Continuous compounding is calculated by P_1=P_0*e^rt, where P_1 is the expected amount, P_0 is the beginning amount, r is the interest, and t is time. So:
20000=10000*e^0.08t
e^0.08t=2
ln e^0.08t=ln 2
0.08t ln e=ln 2
t=ln 2/0.08=8.664 years
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