SOLUTION: 6. If you invest your money in an account that pays 1.5% interest compounded continuously, a) How long will it take to double your money? b) How long will it take to triple you

Algebra ->  Customizable Word Problem Solvers  -> Finance -> SOLUTION: 6. If you invest your money in an account that pays 1.5% interest compounded continuously, a) How long will it take to double your money? b) How long will it take to triple you      Log On

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Question 397408: 6. If you invest your money in an account that pays 1.5% interest compounded
continuously,
a) How long will it take to double your money?
b) How long will it take to triple your money?
Answer by robertb(5830) About Me  (Show Source):
You can put this solution on YOUR website!
a) 2P+=+Pe%5E%280.015t%29 ==> 2+=+e%5E%280.015t%29 ==> ln2 =0.015t
==> t = ln2/0.015 = 46.2 years.
b) 3P+=+Pe%5E%280.015t%29 ==> 3+=+e%5E%280.015t%29 ==> ln3 =0.015t
==> t = ln3/0.015 = 73.24 years.