SOLUTION: $1300 is invested with an interest rate of 5.5% a year, compounded continuously, after how many years is the initial investment doubled.

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Question 467761: $1300 is invested with an interest rate of 5.5% a year, compounded continuously, after how many years is the initial investment doubled.
Answer by ewatrrr(24785) About Me  (Show Source):
You can put this solution on YOUR website!
 

Hi,

compounded continuously:  A = I*e^(.055*x)

OR in this example: A/I = 2 = e^(.055*x)  

                         ln (2) = .055x

                          ln(2)/.055 = x    

                               12.6 yrs = x