Question 236394
Maya has deposited $600.00 in an account that pays 5.64% interest, compounded continuously. How long will it take for her money to double.
1200 = 600e^(0.0564t)
e^(0.0564t) = 2
Take the natural log to get:
0.0564t = ln(2)
t = [ln(2)]/0.0564
t = 12.29 years
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Cheers,
Stan H.