SOLUTION: I am having trouble solving this and could use some help.
how many years will $800 grow to $1600 when invested 5% compounded continuously? Round to the nearest tenth of a year?
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how many years will $800 grow to $1600 when invested 5% compounded continuously? Round to the nearest tenth of a year?
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Question 538574: I am having trouble solving this and could use some help.
how many years will $800 grow to $1600 when invested 5% compounded continuously? Round to the nearest tenth of a year? Answer by stanbon(75887) (Show Source):
You can put this solution on YOUR website! how many years will $800 grow to $1600 when invested 5% compounded continuously? Round to the nearest tenth of a year?
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A(t) = P*e^(rt)
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1600 = 800*e^(0.05t)
e^(0.05t) = 2
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Take the natural log to get:
0.05t = ln(2)
t = ln(2)/0.05
t = 13.9 years
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Cheers,
Stan H.
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