SOLUTION: You deposit $500 in an account that pays 2.5% annual interest compounded continuously. How long will it take for the balance to double?

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Question 608985: You deposit $500 in an account that pays 2.5% annual
interest compounded continuously. How long will it take for the balance to
double?
Answer by ewatrrr(24785) About Me  (Show Source):
You can put this solution on YOUR website!
 

Hi

A = Pe^(rt)

Question states***

A/P= 2

  2+=+e%5E%28.025t%29

  ln2+=+ln+e%5E%28.025t%29

   ln2 = .025t

  ln2/.025 = t

  27.726 yrs = t, time it takes to double