SOLUTION: How long would it take $1000, invested at 6% annually compounded continuously, to double in value?

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Question 1185576: How long would it take $1000, invested at 6% annually compounded continuously, to double in value?
Answer by ikleyn(52794) About Me  (Show Source):
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How long would it take $1000, invested at 6% annually compounded continuously, to double in value?
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    2000 = 1000%2Ae%5E%280.06%2At%29


    2000%2F1000 = e%5E%280.06%2At%29


    2 = e%5E%280.06%2At%29


    ln(2) = 0.06*t


    t = ln%282%29%2F0.06 = 11.552 years


ANSWER.  11.552year,  or  11 years and 202 days;  11 years and about 7 months.

Solved.

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To see many other similar solved problems on continuously compounded accounts,  see the lesson
    - Problems on continuously compounded accounts
in this site.

After reading this lesson,  you will tackle such problems on your own without asking for help from outside.


Also,  you have this free of charge online textbook in ALGEBRA-I in this site
    - ALGEBRA-I - YOUR ONLINE TEXTBOOK.

The referred lesson is the part of this online textbook under the topic "Logarithms".


Save the link to this online textbook together with its description

Free of charge online textbook in ALGEBRA-I
https://www.algebra.com/algebra/homework/quadratic/lessons/ALGEBRA-I-YOUR-ONLINE-TEXTBOOK.lesson

to your archive and use it when it is needed.