SOLUTION: A student deposits $4,000 into a savings account with 7% continuously compounding interest. How many years does he to wait before the balance has tripled?

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Question 387483: A student deposits $4,000 into a savings account with 7% continuously compounding interest. How many years does he to wait before the balance has tripled?
Found 2 solutions by stanbon, rfer:
Answer by stanbon(75887) About Me  (Show Source):
You can put this solution on YOUR website!
A student deposits $4,000 into a savings account with 7% continuously compounding interest. How many years does he to wait before the balance has tripled?
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A(t) = Pe^(rt)
3*4000 = 4000*e^(0.07t)
----
e^(0.07t) = 3
---
0.07t = ln3
t = 15.69 years
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Cheers,
Stan H.

Answer by rfer(16322) About Me  (Show Source):
You can put this solution on YOUR website!
A=4000*3.7183^0.07*12
A=4000*3.0135
A=12054
just under 12 yrs