SOLUTION: 8000 dollars in my saving account that give me 2.6% interest compunded conituously how long will it take to double my amount?

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Question 433182: 8000 dollars in my saving account that give me 2.6% interest compunded conituously how long will it take to double my amount?
Answer by Gogonati(855) About Me  (Show Source):
You can put this solution on YOUR website!
Your initial investment is $8000 and the interest rate 2.6%.Since this amount was compounded continuously after t years it will double, thus, A(t)=16000 dollars
A%28t%29=P%2Ae%5Ert, substitute our values and write:
16000=8000%2Ae%5E%280.026%2At%29, divide both sides by 8000
2=e%5E%280.026%2At%29, taking natural logarithm for both sides
ln2=0.026t, t=ln2/0.026 => t=26.65.
Answer:To double the amount will take approximately 27 years.