SOLUTION: I cannot see to solve this one. Can someone help me out? Thanks!
Maya has deposited $600 in an account that pays 5.64% interest, compounded continuously. How long will it take f
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Maya has deposited $600 in an account that pays 5.64% interest, compounded continuously. How long will it take f
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Question 36788: I cannot see to solve this one. Can someone help me out? Thanks!
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 Paul(988) (Show Source):
You can put this solution on YOUR website! USe the formula A=Pe^(rt)
You want to double the P
so:
2(600)=600e^(rt)
2=e^(0.0564t)
ln2=0.0564t
t=ln2/0.0564
t=12
Hence, it would take 12 years to double the rate.
PAul.
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