SOLUTION: Find the time required for a $1458 investment to triple at an interest rate of 5%, compounded continuously. answer in units of years.

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Question 681225: Find the time required for a $1458 investment to triple at an interest rate of 5%, compounded continuously.
answer in units of years.
Answer by ReadingBoosters(3246) About Me  (Show Source):
You can put this solution on YOUR website!
1458 tripled is 3(1458) = 4374
4374 = 1458e%5E%28.05t%29
...
%284374%2F1458%29+=+e%5E%28.05t%29
...
ln(4374/1458) = .05t ln(e)
ln(e) = 1
...
t+=+%28ln%284374%2F1458%29%29%2F.05+=+21.97 years
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