Question 125865: Maya has deposited $600 in an account that pays 5.64% interest, compounded continuously. How long will it take for her money to double? Answer by stanbon(75887) (Show Source):
You can put this solution on YOUR website! For any amount of money invested the following applies.
2 = e^(rt)
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Your Problem:
2 = e^(0.0564t)
Take the natural log of both sides to get:
ln2 = 0.0564t
t = 12.2898 years
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Cheers,
Stan H.
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