SOLUTION: Suppose $6,000 is invested in an account at an annual interest rate of 4.5% compounded continuously. How long (to the nearest tenth of a year) will it take the investment to double

Algebra ->  Customizable Word Problem Solvers  -> Misc -> SOLUTION: Suppose $6,000 is invested in an account at an annual interest rate of 4.5% compounded continuously. How long (to the nearest tenth of a year) will it take the investment to double      Log On

Ad: Over 600 Algebra Word Problems at edhelper.com


    

Question 1146859: Suppose $6,000 is invested in an account at an annual interest rate of 4.5% compounded continuously. How long (to the nearest tenth of a year) will it take the investment to double in size?
Answer by ikleyn(52855) About Me  (Show Source):
You can put this solution on YOUR website!
.


12000 = 6000%2Ae%5E%280.045%2At%29


12000%2F6000 = e%5E%280.045%2At%29


2 = e%5E%280.045%2At%29


ln(2) = 0.045*t


t = ln%282%29%2F0.045 = 15.40 years.    ANSWER