SOLUTION: I have a problem setting up the equation for these 2 word problems. Any help would be greatly appreciated. The instructions are: For questions 5 and 6, recall that, when int

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Question 145157: I have a problem setting up the equation for these 2 word problems. Any help would be greatly appreciated.
The instructions are:
For questions 5 and 6, recall that, when interest is compounded continuously, the balance in an account after t years is given by
A = Pert,
where P is the initial investment and r is the interest rate.

5. Maya has deposited $600 in an account that pays 5.64% interest, compounded continuously. How long will it take for her money to double?

6. Suppose that $2000 is invested at a rate of 6% per year compounded continuously. What is the balance after 1 yr? After 2 yrs?

Answer by vleith(2983) About Me  (Show Source):
You can put this solution on YOUR website!
see this --> http://www.moneychimp.com/articles/finworks/continuous_compounding.htm
Given A=+Pe%5E%28rt%29+
Maya has deposited $600 in an account that pays 5.64% interest, compounded continuously. How long will it take for her money to double?
1200+=+600e%5E%280.0564t%29
2+=+e%5E%280.0564t%29
ln2+=+0.0564t+
ln2%2F+%280.0564%29+=+t+
12.29+=+t+

Suppose that $2000 is invested at a rate of 6% per year compounded continuously. What is the balance after 1 yr? After 2 yrs?
A+=+6000e%5E%280.06t%29+
A=+6000e%5E%280.06%29
A+=+6371 after 1 year

A+=+6000e%5E%280.06t%29+
A=+6000e%5E%280.06+%2A+2%29
A+=+6765 after 2 years